CSX Corporation (CSX) Downgraded by BidaskClub to “Hold”
BidaskClub lowered shares of CSX Corporation (NASDAQ:CSX) from a buy rating to a hold rating in a report issued on Tuesday.
A number of other research firms have also recently weighed in on CSX. Credit Suisse Group reissued a buy rating and set a $65.00 price objective on shares of CSX Corporation in a report on Friday, July 14th. Zacks Investment Research raised shares of CSX Corporation from a hold rating to a buy rating and set a $61.00 price objective on the stock in a report on Tuesday, July 11th. Royal Bank Of Canada reissued a buy rating and set a $65.00 price objective on shares of CSX Corporation in a report on Wednesday, July 12th. Bank of America Corporation reissued a buy rating and set a $65.00 price objective (up previously from $56.00) on shares of CSX Corporation in a report on Tuesday, June 6th. Finally, Stifel Nicolaus reissued a hold rating on shares of CSX Corporation in a report on Friday, June 30th. Twelve research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company presently has an average rating of Buy and an average price target of $53.74.
Shares of CSX Corporation (NASDAQ CSX) traded down 0.02% on Tuesday, reaching $49.99. 9,918,394 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $53.23 and a 200 day moving average of $49.64. The firm has a market capitalization of $45.66 billion, a P/E ratio of 26.15 and a beta of 1.32. CSX Corporation has a one year low of $27.46 and a one year high of $55.48.
CSX Corporation (NASDAQ:CSX) last released 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 net margin of 15.46% and a return on equity of 16.93%. The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.85 billion. During the same quarter last year, the company earned $0.47 earnings per share. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, equities research analysts predict that CSX Corporation will post $2.30 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 1.60%. CSX Corporation’s payout ratio is currently 41.88%.
CSX Corporation announced that its Board of Directors has approved a stock repurchase program on Thursday, April 20th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the transportation company to purchase up to 2.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In related news, Director Ridge Lp Mantle bought 1,357,000 shares of the firm’s stock in a transaction on Friday, July 21st. The shares were bought at an average cost of $51.59 per share, for a total transaction of $70,007,630.00. Following the transaction, the director now owns 106 shares of the company’s stock, valued at $5,468.54. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.79% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in CSX. Vanguard Group Inc. raised its stake in CSX Corporation by 0.5% in the first quarter. Vanguard Group Inc. now owns 67,607,341 shares of the transportation company’s stock valued at $3,147,122,000 after buying an additional 303,834 shares in the last quarter. Janus Capital Management LLC raised its stake in CSX Corporation by 32.9% in the first quarter. Janus Capital Management LLC now owns 16,620,538 shares of the transportation company’s stock valued at $773,686,000 after buying an additional 4,114,395 shares in the last quarter. Bank of New York Mellon Corp raised its stake in CSX Corporation by 22.3% in the first quarter. Bank of New York Mellon Corp now owns 10,380,043 shares of the transportation company’s stock valued at $483,191,000 after buying an additional 1,896,101 shares in the last quarter. Geode Capital Management LLC raised its stake in CSX Corporation by 7.6% in the first quarter. Geode Capital Management LLC now owns 9,175,880 shares of the transportation company’s stock valued at $426,540,000 after buying an additional 648,154 shares in the last quarter. Finally, Brahman Capital Corp. acquired a new stake in CSX Corporation during the first quarter valued at approximately $257,229,000. Institutional investors and hedge funds own 69.32% 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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