Shares of CSX Corporation (NASDAQ:CSX) have been assigned a consensus rating of “Buy” from the thirty-two analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and twenty have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $52.38.
CSX has been the subject of several analyst reports. BidaskClub cut shares of CSX Corporation from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Credit Suisse Group reiterated a “buy” rating and issued a $65.00 price objective on shares of CSX Corporation in a research note on Friday, July 14th. Royal Bank Of Canada reiterated a “buy” rating and issued a $65.00 price objective on shares of CSX Corporation in a research note on Wednesday, July 12th. Zacks Investment Research upgraded shares of CSX Corporation from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Tuesday, July 11th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $65.00 price objective (up previously from $56.00) on shares of CSX Corporation in a research note on Tuesday, June 6th.
In other CSX Corporation news, Director Ridge Lp Mantle bought 1,357,000 shares of CSX Corporation stock in a transaction on Friday, July 21st. The shares were purchased at an average cost of $51.59 per share, with a total value of $70,007,630.00. Following the acquisition, the director now directly owns 106 shares of the company’s stock, valued at approximately $5,468.54. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.79% of the company’s stock.
Large investors have recently bought and sold shares of the company. Parsec Financial Management Inc. purchased a new stake in CSX Corporation during the first quarter worth approximately $229,000. Paragon Capital Management Ltd purchased a new stake in CSX Corporation during the first quarter worth approximately $9,357,000. FC Advisory LLC purchased a new stake in CSX Corporation during the first quarter worth approximately $223,000. 1ST Source Bank purchased a new stake in CSX Corporation during the first quarter worth approximately $214,000. Finally, Sapphire Star Partners LP purchased a new stake in CSX Corporation during the first quarter worth approximately $1,201,000. 69.78% of the stock is currently owned by hedge funds and other institutional investors.
CSX Corporation (NASDAQ CSX) traded down 0.84% during midday trading on Wednesday, reaching $49.78. 4,534,630 shares of the company’s stock were exchanged. The company has a market cap of $45.46 billion, a price-to-earnings ratio of 26.04 and a beta of 1.30. CSX Corporation has a 52 week low of $27.89 and a 52 week high of $55.48. The firm has a 50-day moving average price of $50.34 and a 200 day moving average price of $50.46. CSX Corporation also was the target of unusually large options trading activity on Wednesday. Investors bought 5,681 put options on the stock. This is an increase of approximately 110% compared to the average daily volume of 2,703 put options.
CSX Corporation (NASDAQ:CSX) last announced its earnings results on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.85 billion. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. CSX Corporation’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.47 EPS. Analysts anticipate that CSX Corporation will post $2.30 EPS for the current year.
CSX Corporation announced that its board has authorized a share buyback program on Tuesday, July 18th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the transportation company to purchase up to 1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Tuesday, August 29th. CSX Corporation’s payout ratio is 41.88%.
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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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