Aegis reissued their buy rating on shares of CSX Corporation (NASDAQ:CSX) in a research note released on Tuesday morning. Aegis currently has a $64.00 price objective on the transportation company’s stock.
Other analysts have also issued research reports about the company. Zacks Investment Research lowered CSX Corporation from a buy rating to a hold rating in a research report on Friday, July 21st. J P Morgan Chase & Co cut their price objective on CSX Corporation from $60.00 to $58.00 and set an overweight rating on the stock in a research report on Thursday, July 20th. BidaskClub lowered CSX Corporation from a strong-buy rating to a buy rating in a research report on Wednesday, July 19th. TD Securities cut their price objective on CSX Corporation from $64.00 to $63.00 and set a buy rating on the stock in a research report on Thursday, July 20th. Finally, UBS AG reaffirmed a buy rating and set a $63.00 price objective on shares of CSX Corporation in a research report on Saturday, July 22nd. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have issued a buy rating to the company. The company currently has an average rating of Buy and an average price target of $54.25.
Shares of CSX Corporation (NASDAQ CSX) traded down 1.31% on Tuesday, hitting $52.88. The stock had a trading volume of 1,566,909 shares. The stock has a 50 day moving average of $51.82 and a 200 day moving average of $51.36. The firm has a market cap of $48.30 billion, a price-to-earnings ratio of 27.66 and a beta of 1.35. CSX Corporation has a 12-month low of $30.01 and a 12-month high of $55.48.
CSX Corporation (NASDAQ:CSX) last posted its quarterly earnings data on Tuesday, July 18th. The transportation company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. CSX Corporation had a return on equity of 16.93% and a net margin of 15.46%. The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.85 billion. During the same quarter in the prior year, the company earned $0.47 earnings per share. The company’s revenue was up 8.5% on a year-over-year basis. Equities analysts predict that CSX Corporation will post $2.22 earnings per share for the current fiscal year.
CSX Corporation announced that its Board of Directors has authorized a stock repurchase program on Tuesday, July 18th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the transportation company to buy up to 1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.49%. CSX Corporation’s dividend payout ratio (DPR) is 41.88%.
In other CSX Corporation news, Director Ridge Lp Mantle bought 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, for a total transaction of $70,007,630.00. Following the completion of the purchase, 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 is available through this link. 4.79% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Assetmark Inc. lifted 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 valued at $102,000 after purchasing an additional 175 shares during the period. Gradient Investments LLC lifted 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 valued at $107,000 after purchasing an additional 539 shares during the period. Parallel Advisors LLC lifted 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 valued at $108,000 after purchasing an additional 285 shares during the period. Reilly Financial Advisors LLC lifted 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 valued at $110,000 after purchasing an additional 500 shares during the period. Finally, LBA Wealth Management LLC lifted 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 valued at $122,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 69.83% 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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