Providence Capital Advisors LLC Invests $2.52 Million in CSX Co. (NASDAQ:CSX)

Providence Capital Advisors LLC bought a new position in shares of CSX Co. (NASDAQ:CSX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 32,600 shares of the transportation company’s stock, valued at approximately $2,522,000. CSX comprises 1.5% of Providence Capital Advisors LLC’s holdings, making the stock its 27th biggest position.

A number of other hedge funds have also made changes to their positions in the stock. Egerton Capital UK LLP boosted its stake in CSX by 2.5% during the first quarter. Egerton Capital UK LLP now owns 12,140,980 shares of the transportation company’s stock worth $908,388,000 after buying an additional 290,774 shares during the period. EdgePoint Investment Group Inc. increased its holdings in CSX by 6.8% during the second quarter. EdgePoint Investment Group Inc. now owns 10,698,067 shares of the transportation company’s stock worth $827,709,000 after buying an additional 685,637 shares during the last quarter. Geode Capital Management LLC increased its holdings in CSX by 6.6% during the fourth quarter. Geode Capital Management LLC now owns 10,386,802 shares of the transportation company’s stock worth $644,194,000 after buying an additional 646,745 shares during the last quarter. Northern Trust Corp raised its position in CSX by 0.3% in the second quarter. Northern Trust Corp now owns 9,324,156 shares of the transportation company’s stock worth $721,411,000 after acquiring an additional 29,160 shares during the period. Finally, Wells Fargo & Company MN raised its position in CSX by 2.9% in the first quarter. Wells Fargo & Company MN now owns 4,204,104 shares of the transportation company’s stock worth $314,551,000 after acquiring an additional 116,535 shares during the period. Hedge funds and other institutional investors own 75.75% of the company’s stock.

A number of research analysts have recently weighed in on the stock. Loop Capital downgraded shares of CSX from a “buy” rating to a “hold” rating and reduced their target price for the company from $85.00 to $81.00 in a research report on Wednesday, July 10th. Cowen reaffirmed a “market perform” rating and issued a $78.00 price target (down previously from $80.00) on shares of CSX in a report on Wednesday, July 17th. Cascend Securities downgraded CSX from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. BidaskClub raised CSX from a “strong sell” rating to a “sell” rating in a report on Saturday, August 31st. Finally, ValuEngine downgraded CSX from a “buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company’s stock. CSX currently has a consensus rating of “Hold” and an average target price of $78.13.

CSX stock traded up $0.20 during mid-day trading on Wednesday, reaching $70.89. The company’s stock had a trading volume of 565,769 shares, compared to its average volume of 4,165,430. The firm’s fifty day moving average price is $66.92 and its two-hundred day moving average price is $73.77. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.44 and a current ratio of 1.55. CSX Co. has a 12-month low of $58.47 and a 12-month high of $80.73. The company has a market capitalization of $55.11 billion, a P/E ratio of 18.45, a PEG ratio of 1.29 and a beta of 1.23.

CSX (NASDAQ:CSX) last posted its earnings results on Tuesday, July 16th. The transportation company reported $1.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.03). CSX had a return on equity of 26.96% and a net margin of 27.87%. The company had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter in the prior year, the company earned $1.01 EPS. The company’s revenue was down 1.4% on a year-over-year basis. On average, research analysts predict that CSX Co. will post 4.14 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.35%. CSX’s payout ratio is 25.00%.

CSX Profile

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services, as well as transports intermodal containers and trailers. It transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.

Read More: Limitations of the P/E Growth ratio

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Institutional Ownership by Quarter for CSX (NASDAQ:CSX)

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