Royal Bank Of Canada reiterated their buy rating on shares of CSX Corporation (NASDAQ:CSX) in a report released on Wednesday morning. They currently have a $65.00 price objective on the transportation company’s stock.
CSX has been the subject of several other reports. Zacks Investment Research raised CSX Corporation from a hold rating to a buy rating and set a $61.00 price target for the company in a report on Tuesday, July 11th. TD Securities reissued a buy rating and issued a $64.00 target price (up previously from $57.00) on shares of CSX Corporation in a report on Friday, April 21st. Avondale Partners raised CSX Corporation from a market perform rating to a market outperform rating in a report on Tuesday, March 28th. Loop Capital reissued a hold rating on shares of CSX Corporation in a report on Saturday, March 25th. Finally, Raymond James Financial, Inc. raised CSX Corporation from a market perform rating to an outperform rating and set a $55.00 target price for the company in a report on Friday, April 21st. Ten investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. CSX Corporation currently has a consensus rating of Buy and an average target price of $52.85.
Shares of CSX Corporation (CSX) opened at 54.62 on Wednesday. CSX Corporation has a 52 week low of $27.46 and a 52 week high of $55.48. The firm’s 50-day moving average is $52.87 and its 200 day moving average is $47.32. The firm has a market capitalization of $50.40 billion, a PE ratio of 29.81 and a beta of 1.32.
CSX Corporation (NASDAQ:CSX) last posted its quarterly earnings data on Wednesday, April 19th. The transportation company reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.08. CSX Corporation had a return on equity of 15.67% and a net margin of 15.19%. The business had revenue of $2.87 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the prior year, the company earned $0.37 earnings per share. The company’s revenue was up 9.6% compared to the same quarter last year. On average, equities analysts forecast that CSX Corporation will post $2.30 earnings per share for the current year.
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CSX Corporation announced that its board has initiated a stock repurchase program on Thursday, April 20th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the transportation company to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.46%. CSX Corporation’s dividend payout ratio (DPR) is presently 43.72%.
In other CSX Corporation news, CEO E Hunter Harrison acquired 300,000 shares of the company’s stock in a transaction on Monday, April 24th. The shares were bought at an average cost of $50.20 per share, for a total transaction of $15,060,000.00. Following the acquisition, the chief executive officer now directly owns 300,000 shares of the company’s stock, valued at $15,060,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.79% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of CSX. Trust Co increased its stake in shares of CSX Corporation by 2.0% in the fourth quarter. Trust Co now owns 24,070 shares of the transportation company’s stock worth $865,000 after buying an additional 470 shares during the period. Chevy Chase Trust Holdings Inc. increased its stake in shares of CSX Corporation by 1.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 847,232 shares of the transportation company’s stock worth $39,439,000 after buying an additional 16,167 shares during the period. Philadelphia Trust Co. increased its stake in shares of CSX Corporation by 2.2% in the fourth quarter. Philadelphia Trust Co. now owns 14,089 shares of the transportation company’s stock worth $506,000 after buying an additional 300 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of CSX Corporation during the fourth quarter worth $1,090,000. Finally, Kentucky Retirement Systems purchased a new stake in shares of CSX Corporation during the fourth quarter worth $2,442,000. Institutional investors own 69.28% of the company’s stock.
About CSX Corporation
CSX Corporation is a transportation company. The Company provides rail-based freight transportation services, including traditional rail service and transport of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations.
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