CSX Corporation (CSX) Downgraded to Underweight at Morgan Stanley
Morgan Stanley lowered shares of CSX Corporation (NASDAQ:CSX) from an equal weight rating to an underweight rating in a report published on Monday morning. Morgan Stanley currently has $43.00 target price on the transportation company’s stock, down from their previous target price of $44.00.
Several other equities research analysts have also recently issued reports on the company. Zacks Investment Research upgraded CSX Corporation from a hold rating to a buy rating and set a $61.00 price target for the company in a research note on Tuesday, July 11th. BMO Capital Markets restated a buy rating on shares of CSX Corporation in a research note on Wednesday, August 30th. Credit Suisse Group dropped their price objective on CSX Corporation from $61.00 to $60.00 and set an outperform rating for the company in a report on Thursday, September 7th. Royal Bank Of Canada dropped their price objective on CSX Corporation from $65.00 to $64.00 and set an outperform rating for the company in a report on Thursday, September 7th. Finally, BidaskClub downgraded CSX Corporation from a hold rating to a sell rating in a research report on Saturday, August 19th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eighteen have given a buy rating to the company’s stock. CSX Corporation has an average rating of Buy and an average price target of $54.09.
Shares of CSX Corporation (NASDAQ CSX) opened at 52.78 on Monday. The firm has a market capitalization of $48.20 billion, a P/E ratio of 27.60 and a beta of 1.35. CSX Corporation has a 12-month low of $30.01 and a 12-month high of $55.48. The firm’s 50-day moving average price is $51.16 and its 200-day moving average price is $51.07.
CSX Corporation (NASDAQ:CSX) last released its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $2.93 billion for the quarter, compared to analyst estimates 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 for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the firm earned $0.47 earnings per share. Equities analysts predict that CSX Corporation will post $2.23 earnings per share for the current fiscal year.
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CSX Corporation declared that its board has authorized a stock 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 reacquire up to 1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Thursday, August 31st were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.52%. The ex-dividend date was Tuesday, August 29th. CSX Corporation’s payout ratio is currently 41.88%.
In other CSX Corporation news, Director Ridge Lp Mantle acquired 1,357,000 shares of CSX Corporation stock in a transaction dated Friday, July 21st. The stock was purchased at an average cost of $51.59 per share, for a total transaction of $70,007,630.00. Following the completion of the acquisition, the director now directly owns 106 shares of the company’s stock, valued at $5,468.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.79% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Assetmark Inc. boosted its stake in CSX Corporation by 8.7% during the 1st 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 last quarter. Gradient Investments LLC increased its holdings in CSX Corporation by 38.1% during the 2nd quarter. Gradient Investments LLC now owns 1,954 shares of the transportation company’s stock worth $107,000 after purchasing an additional 539 shares in the last quarter. Parallel Advisors LLC increased its holdings in CSX Corporation by 14.9% during the 2nd quarter. Parallel Advisors LLC now owns 2,194 shares of the transportation company’s stock worth $108,000 after purchasing an additional 285 shares in the last quarter. Reilly Financial Advisors LLC raised its stake in shares of 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 purchasing an additional 500 shares during the last quarter. Finally, LBA Wealth Management LLC raised its stake in shares of 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 purchasing an additional 2,000 shares during the last quarter. Institutional investors 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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