Cornerstone Wealth Management LLC Reduces CSX Stock Holdings

Cornerstone Wealth Management LLC has reduced its ownership in CSX Co. (NASDAQ:CSX – Free Report) by 3.0% during the third quarter, as revealed in its latest Form 13F filing submitted to the Securities and Exchange Commission.

Following this divestment, Cornerstone Wealth Management LLC now holds 10,640 shares of the transportation firm's stock after selling off 326 shares during the quarter. The value of these holdings amounted to $367,000, based on the firm’s most recent SEC filing.

In addition, several other substantial investors have recently adjusted their positions in CSX. Western Wealth Management LLC increased its holdings by 0.8% in the second quarter, now owning 36,127 shares worth approximately $1,208,000, having added 295 shares. TriaGen Wealth Management LLC also raised its stake in CSX by 2.7% during the same quarter, now having 11,524 shares valued at $385,000 after purchasing an additional 300 shares. Miracle Mile Advisors LLC saw a modest increase of 0.3% in its stake during the first quarter, bringing its total to 103,563 shares worth around $3,839,000 after buying an additional 303 shares. Team Hewins LLC increased its position by 1.7% in the same quarter, and they now own 18,778 shares, valued at $696,000 after acquiring 306 more shares. In the third quarter, Jamison Private Wealth Management Inc. raised its stake by 33.7%, now owning 1,253 shares worth $43,000 after acquiring an additional 316 shares. Currently, hedge funds and other institutional investors own 73.57% of CSX's stock.

CSX Stock Overview

As of Friday, CSX shares were trading at $34.12. The stock has experienced a low of $29.03 and a high of $40.12 over the past year. Its 50-day moving average stands at $34.02, while the 200-day moving average is at $33.97. CSX has a market capitalization of $66.70 billion, a P/E ratio of 18.75, a P/E/G ratio of 1.90, and a beta of 1.19. The company reports a debt-to-equity ratio of 1.42, with a current ratio of 1.16 and a quick ratio of 1.01.

CSX Corporation recently released its quarterly earnings report on Wednesday, October 16th. The company reported earnings per share (EPS) of $0.46, which fell short of the consensus estimate of $0.48 by $0.02. CSX's return on equity was reported at 29.11%, and its net margin was 24.52%. The company's revenue for the quarter reached $3.62 billion, slightly below analyst estimates of $3.68 billion. In comparison to the same period last year, this reflected a revenue increase of 1.3%. Analysts forecast that CSX Co. will achieve an EPS of 1.93 for the current fiscal year.

Dividend Declaration by CSX

The company has announced a quarterly dividend, which is set to be paid on Friday, December 13th. Shareholders on record as of Friday, November 29th, will receive a dividend of $0.12 per share, with an ex-dividend date on the same day. This results in an annualized dividend of $0.48, representing a yield of 1.41%. CSX’s dividend payout ratio is currently at 26.37%.

Analyst Ratings Updates

Research on CSX has led to several target price adjustments. Wells Fargo & Company lowered its target price from $35.00 to $34.00, rating the company as “equal weight.” BMO Capital Markets also decreased their price target from $40.00 to $39.00, maintaining an “outperform” rating. TD Cowen adjusted their target price down from $36.00 to $35.00, rating it as a “hold.” Similarly, Royal Bank of Canada cut its target price from $36.00 to $35.00, providing a “sector perform” rating. Finally, Bank of America downgraded CSX from a “buy” to a “neutral” rating, setting a target price of $37.00 in an earlier note. Currently, data from MarketBeat shows that seven analysts favor a hold rating, while twelve recommend buying the stock, resulting in an average rating of “Moderate Buy” and a consensus target price of $38.61.

Read More About CSX and Its Operations

Company Overview

CSX Corporation, along with its subsidiaries, offers rail-based freight transportation services. The company is involved in providing rail services and the transportation of intermodal containers and trailers. They also offer additional services, including rail-to-truck transfers and bulk commodity operations. CSX transports a range of products, including chemicals, food products, minerals, and many other goods, and facilitates coal distribution to power plants and other facilities, aiding in various sectors.

Cornerstone, CSX, Investors