Novare Capital Management LLC Invests $8.65 Million in CSX Co. (NASDAQ:CSX)

Novare Capital Management LLC recently reported that it has acquired a new stake in CSX Co. (NASDAQ:CSX) during the fourth quarter. According to their latest filing with the Securities & Exchange Commission, the institutional investor obtained 267,988 shares of the transportation firm’s stock, which is valued at approximately $8,648,000.

Institutional Activity Around CSX

A number of other institutional investors and hedge funds have also made adjustments to their positions in CSX. For instance, Valley Wealth Managers Inc. ramped up its holdings in the company by 177.8% in the third quarter, now owning 750 shares worth about $26,000 after acquiring an additional 480 shares. Morton Brown Family Wealth LLC initiated a new position in CSX during the same quarter, valued at roughly $31,000. Furthermore, Addison Advisors LLC increased its stake by 348.5%, now possessing 1,045 shares worth $36,000 after purchasing an additional 812 shares. Fortitude Family Office LLC raised its position by 43.4%, bringing its total to 1,110 shares valued at $38,000 after buying 336 more shares. Lastly, Jamison Private Wealth Management Inc. lifted its stake by 33.7%, resulting in 1,253 shares valued at $43,000 after acquiring 316 additional shares. Overall, institutional investors own 73.57% of CSX stock.

Current Performance of CSX Stock

On the trading front, CSX shares opened at $32.69 on the last trading day. The stock has a 50-day moving average price of $33.53 and a 200-day moving average price of $33.94. Over the past year, CSX has experienced a 12-month low of $31.43 and a high of $40.12. Financially, the company presents a quick ratio of 1.23 and a current ratio of 1.39, with a debt-to-equity ratio of 1.43. CSX boasts a market cap of $63.04 billion, a P/E ratio of 17.58, a price-to-earnings-growth ratio of 2.06, and a beta of 1.22.

Recent Earnings and Analyst Ratings

CSX last announced its earnings on January 23rd, reporting $0.42 earnings per share (EPS) for the quarter, which was below the consensus estimate of $0.44 by $0.02. The company has a return on equity of 28.92% and a net profit margin of 24.77%. Analysts forecast that CSX will post an EPS of 1.83 for the current fiscal year.

Several research firms have recently provided insights on CSX. Stephens reiterated an “overweight” rating, setting a price target of $38.00 for CSX shares. Conversely, JPMorgan Chase & Co. reduced their target from $38.00 to $37.00, also maintaining an “overweight” rating. Royal Bank of Canada lowered their price objective from $34.00 to $33.00, rating the stock as a “sector perform.” Additionally, Susquehanna available their target from $40.00 to $39.00 while retaining a “positive” rating for CSX. Jefferies Financial Group upgraded CSX from a “hold” to a “buy” rating and set a target price of $37.00. Current ratings show six analysts suggest holding the stock while fourteen recommend buying, leading to an average rating of “Moderate Buy” with a target price of $37.68.

About CSX Corporation

CSX Corporation, through its subsidiaries, provides rail-based freight transportation services. The firm offers a variety of rail services, including intermodal container and trailer transportation, rail-to-truck transfers, and bulk commodity operations. CSX is responsible for transporting a wide range of products including chemicals, agricultural goods, minerals, automotive parts, forest products, fertilizers, metals, and coal. It moves coal and related materials to power generation plants, steel manufacturers, and other industrial sectors, including exports to deep-water ports.

investment, stocks, transportation