Axxcess Wealth Management LLC Reduces Holdings in CSX Co. (NASDAQ:CSX)

Axxcess Wealth Management LLC lowered its position in CSX Co. (NASDAQ:CSX) by 12.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 267,147 shares of the transportation company’s stock after selling 39,667 shares during the quarter. Axxcess Wealth Management LLC’s holdings in CSX were worth $8,936,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MFA Wealth Advisors LLC acquired a new stake in CSX in the second quarter worth $27,000. Financial Synergies Wealth Advisors Inc. purchased a new stake in shares of CSX during the first quarter valued at $29,000. Strategic Financial Concepts LLC acquired a new position in shares of CSX in the second quarter worth about $33,000. Burkett Financial Services LLC purchased a new position in CSX during the 4th quarter worth approximately $34,000. Finally, Tortoise Investment Management LLC purchased a new position in CSX during the 4th quarter valued at about $35,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Price Performance

CSX stock opened at $33.81 on Tuesday. The stock’s fifty day moving average price is $33.92 and its two-hundred day moving average price is $34.45. The firm has a market cap of $66.10 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 1.77 and a beta of 1.19. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.16 and a quick ratio of 1.01. CSX Co. has a one year low of $29.03 and a one year high of $40.12.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Monday, August 5th. The transportation company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. The firm had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.70 billion. CSX had a net margin of 24.52% and a return on equity of 29.11%. The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the prior year, the company posted $0.49 earnings per share. As a group, research analysts expect that CSX Co. will post 1.93 EPS for the current fiscal year.

CSX Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a $0.12 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.42%. CSX’s payout ratio is currently 26.37%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CSX shares. Benchmark reaffirmed a “buy” rating and issued a $40.00 price target on shares of CSX in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on CSX from $39.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, August 6th. Stephens reissued an “overweight” rating and set a $42.00 price target on shares of CSX in a report on Tuesday, August 6th. Bank of America cut shares of CSX from a “buy” rating to a “neutral” rating and set a $37.00 price target on the stock. in a research note on Monday, July 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $40.00 target price on shares of CSX in a research note on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $38.80.

CSX Company Profile

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.