CSX Corporation (NASDAQ:CSX) Issues FY17 Earnings Guidance
CSX Corporation (NASDAQ:CSX) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided earnings per share guidance of +25% to ~$2.26 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.30.
CSX Corporation (NASDAQ CSX) traded up 0.04% during trading on Tuesday, hitting $54.64. 7,536,377 shares of the company were exchanged. CSX Corporation has a 12 month low of $27.46 and a 12 month high of $55.48. The company has a market capitalization of $50.42 billion, a price-to-earnings ratio of 29.83 and a beta of 1.32. The company has a 50-day moving average of $52.87 and a 200-day moving average of $47.32.
CSX Corporation (NASDAQ:CSX) last posted its quarterly earnings data on Wednesday, April 19th. The transportation company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $2.87 billion during the quarter, compared to analyst estimates of $2.76 billion. CSX Corporation had a net margin of 15.19% and a return on equity of 15.67%. The company’s revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.37 earnings per share. Analysts forecast that CSX Corporation will post $2.30 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend is Tuesday, August 29th. CSX Corporation’s dividend payout ratio is presently 43.72%.
CSX Corporation announced that its board has initiated a share repurchase plan on Thursday, April 20th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the transportation company to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
A number of equities research analysts recently issued reports on CSX shares. Zacks Investment Research upgraded shares of CSX Corporation from a hold rating to a buy rating and set a $53.00 target price for the company in a report on Tuesday, March 21st. Barclays PLC boosted their target price on shares of CSX Corporation from $4.00 to $55.00 and gave the company an overweight rating in a report on Friday, March 24th. Loop Capital restated a hold rating on shares of CSX Corporation in a report on Saturday, March 25th. Avondale Partners upgraded shares of CSX Corporation from a market perform rating to a market outperform rating in a report on Tuesday, March 28th. Finally, Stifel Nicolaus boosted their target price on shares of CSX Corporation from $47.00 to $50.00 and gave the company a hold rating in a report on Thursday, April 20th. Ten analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $52.85.
In other CSX Corporation news, CEO E Hunter Harrison bought 300,000 shares of the company’s stock in a transaction on Monday, April 24th. The shares were bought at an average cost of $50.20 per share, with a total value of $15,060,000.00. Following the completion of the acquisition, the chief executive officer now owns 300,000 shares of the company’s stock, valued at $15,060,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.79% of the stock is currently owned by corporate insiders.
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CSX Corporation Company Profile
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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