ELCO Management Co. LLC Invests $331,000 in CSX Co. (NASDAQ:CSX)

ELCO Management Co. LLC purchased a new position in shares of CSX Co. (NASDAQ:CSX) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 11,055 shares of the transportation company’s stock, valued at approximately $331,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Firethorn Wealth Partners LLC raised its stake in shares of CSX by 0.7% in the 1st quarter. Firethorn Wealth Partners LLC now owns 49,495 shares of the transportation company’s stock valued at $1,549,000 after acquiring an additional 325 shares during the period. Brown Brothers Harriman & Co. boosted its holdings in shares of CSX by 1.5% in the 1st quarter. Brown Brothers Harriman & Co. now owns 22,797 shares of the transportation company’s stock valued at $683,000 after buying an additional 327 shares during the period. Adirondack Trust Co. boosted its holdings in shares of CSX by 1.2% in the 1st quarter. Adirondack Trust Co. now owns 28,390 shares of the transportation company’s stock valued at $850,000 after buying an additional 346 shares during the period. New England Research & Management Inc. boosted its holdings in shares of CSX by 0.3% in the 1st quarter. New England Research & Management Inc. now owns 109,894 shares of the transportation company’s stock valued at $3,290,000 after buying an additional 350 shares during the period. Finally, Smith Anglin Financial LLC boosted its holdings in shares of CSX by 5.4% in the 1st quarter. Smith Anglin Financial LLC now owns 6,861 shares of the transportation company’s stock valued at $205,000 after buying an additional 350 shares during the period. 72.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CSX shares. BMO Capital Markets reissued an “outperform” rating and set a $37.00 target price on shares of CSX in a research note on Friday, July 21st. Stephens reissued an “overweight” rating and set a $39.00 target price on shares of CSX in a research note on Friday, July 21st. Bank of America raised shares of CSX from a “neutral” rating to a “buy” rating and boosted their target price for the company from $34.00 to $36.00 in a research note on Friday. JPMorgan Chase & Co. boosted their price target on shares of CSX from $35.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Finally, UBS Group upgraded shares of CSX from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $37.00 in a research report on Thursday, June 1st. Ten analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, CSX has an average rating of “Moderate Buy” and an average target price of $35.29.

CSX Stock Up 1.6 %

CSX stock traded up $0.46 during trading hours on Friday, hitting $29.95. The company’s stock had a trading volume of 32,686,877 shares, compared to its average volume of 10,706,018. The stock has a 50 day moving average price of $31.98 and a two-hundred day moving average price of $31.37. The company has a quick ratio of 1.21, a current ratio of 1.42 and a debt-to-equity ratio of 1.46. CSX Co. has a 12 month low of $25.80 and a 12 month high of $34.38. The company has a market capitalization of $60.09 billion, a PE ratio of 15.13, a price-to-earnings-growth ratio of 2.54 and a beta of 1.22.

CSX (NASDAQ:CSX) last issued its quarterly earnings data on Thursday, July 20th. The transportation company reported $0.49 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.49. CSX had a net margin of 27.36% and a return on equity of 32.82%. The business had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same period in the previous year, the company earned $0.50 earnings per share. CSX’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts expect that CSX Co. will post 1.9 earnings per share for the current year.

CSX Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Wednesday, August 30th. CSX’s payout ratio is currently 22.22%.

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 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.