BidaskClub downgraded shares of CSX Corporation (NASDAQ:CSX) from a hold rating to a sell rating in a report published on Saturday morning.
Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets reissued a buy rating and issued a $58.00 target price on shares of CSX Corporation in a research report on Friday, April 21st. UBS AG reissued a buy rating and issued a $60.00 target price (up from $57.00) on shares of CSX Corporation in a research report on Monday, April 24th. Zacks Investment Research raised shares of CSX Corporation from a hold rating to a buy rating and set a $61.00 target price on the stock in a research report on Tuesday, July 11th. Aegis raised shares of CSX Corporation from a hold rating to a buy rating and raised their target price for the stock from $50.00 to $64.00 in a research report on Friday, April 21st. Finally, TD Securities reissued a buy rating and issued a $64.00 target price (up from $57.00) on shares of CSX Corporation in a research report on Friday, April 21st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nineteen have issued a buy rating to the company’s stock. CSX Corporation currently has a consensus rating of Buy and an average target price of $53.71.
Shares of CSX Corporation (NASDAQ CSX) opened at 48.70 on Friday. The stock has a 50 day moving average of $51.56 and a 200-day moving average of $50.37. CSX Corporation has a 1-year low of $27.89 and a 1-year high of $55.48. The stock has a market capitalization of $44.48 billion, a P/E ratio of 25.47 and a beta of 1.30.
CSX Corporation (NASDAQ:CSX) last released its earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.05. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. The business had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.85 billion. During the same period last year, the company earned $0.47 earnings per share. The company’s quarterly revenue was up 8.5% on a year-over-year basis. Equities research analysts predict that CSX Corporation will post $2.30 earnings per share for the current fiscal year.
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CSX Corporation announced that its board has authorized a share repurchase program on Tuesday, July 18th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the transportation company to buy up to 1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Tuesday, August 29th. CSX Corporation’s payout ratio is currently 41.88%.
In related news, Director Ridge Lp Mantle purchased 1,357,000 shares of the firm’s stock in a transaction dated Friday, July 21st. The stock was acquired at an average price of $51.59 per share, with a total value of $70,007,630.00. Following the completion of the transaction, the director now owns 106 shares of the company’s stock, valued at $5,468.54. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.79% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in CSX. Assetmark Inc. increased its position in CSX Corporation by 8.7% in the first quarter. Assetmark Inc. now owns 2,186 shares of the transportation company’s stock worth $102,000 after buying an additional 175 shares in the last quarter. Gradient Investments LLC increased its position in CSX Corporation by 38.1% in the second quarter. Gradient Investments LLC now owns 1,954 shares of the transportation company’s stock worth $107,000 after buying an additional 539 shares in the last quarter. Parallel Advisors LLC increased its position in CSX Corporation by 14.9% in the second quarter. Parallel Advisors LLC now owns 2,194 shares of the transportation company’s stock worth $108,000 after buying an additional 285 shares in the last quarter. Reilly Financial Advisors LLC increased its position in CSX Corporation by 33.1% in the second quarter. Reilly Financial Advisors LLC now owns 2,012 shares of the transportation company’s stock worth $110,000 after buying an additional 500 shares in the last quarter. Finally, LBA Wealth Management LLC increased its position in CSX Corporation by 323.1% in the first quarter. LBA Wealth Management LLC now owns 2,619 shares of the transportation company’s stock worth $122,000 after buying an additional 2,000 shares in the last quarter. 70.32% of the stock is owned by institutional investors and hedge funds.
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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