Jennison Associates LLC Cuts Stock Position in CSX Co. (NASDAQ:CSX)

Jennison Associates LLC trimmed its holdings in CSX Co. (NASDAQ:CSX) by 39.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,380 shares of the transportation company’s stock after selling 45,934 shares during the period. Jennison Associates LLC’s holdings in CSX were worth $2,396,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Avior Wealth Management LLC boosted its position in shares of CSX by 2.5% during the third quarter. Avior Wealth Management LLC now owns 11,790 shares of the transportation company’s stock worth $407,000 after acquiring an additional 293 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in CSX by 2.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 6,521,214 shares of the transportation company’s stock worth $225,178,000 after purchasing an additional 146,973 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of CSX during the 3rd quarter valued at about $3,610,000. FWG Holdings LLC grew its position in shares of CSX by 5.6% during the third quarter. FWG Holdings LLC now owns 12,788 shares of the transportation company’s stock valued at $425,000 after purchasing an additional 681 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its holdings in shares of CSX by 6.5% in the third quarter. Fifth Third Wealth Advisors LLC now owns 55,715 shares of the transportation company’s stock worth $1,924,000 after purchasing an additional 3,395 shares during the last quarter. Institutional investors own 73.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CSX shares. Royal Bank of Canada dropped their price target on CSX from $36.00 to $35.00 and set a “sector perform” rating for the company in a research note on Thursday, October 17th. BMO Capital Markets lowered their target price on CSX from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Stephens reduced their price target on shares of CSX from $41.00 to $39.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Evercore ISI lowered their price objective on shares of CSX from $38.00 to $37.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. Finally, Wells Fargo & Company reduced their target price on shares of CSX from $35.00 to $34.00 and set an “equal weight” rating on the stock in a report on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.78.

CSX Stock Up 1.2 %

Shares of NASDAQ CSX opened at $35.78 on Friday. CSX Co. has a 12-month low of $31.65 and a 12-month high of $40.12. The stock’s fifty day simple moving average is $34.48 and its two-hundred day simple moving average is $33.94. The stock has a market capitalization of $69.00 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 2.24 and a beta of 1.19. The company has a current ratio of 1.39, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43.

CSX (NASDAQ:CSX) last issued its quarterly earnings data on Wednesday, October 16th. The transportation company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The company had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.68 billion. CSX had a net margin of 24.77% and a return on equity of 28.92%. CSX’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. As a group, analysts expect that CSX Co. will post 1.84 EPS for the current fiscal year.

CSX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, November 29th. This represents a $0.48 annualized dividend and a dividend yield of 1.34%. CSX’s dividend payout ratio (DPR) is presently 25.81%.

About CSX

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.