ValuEngine Downgrades CSX Corporation (CSX) to Hold
CSX Corporation (NASDAQ:CSX) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Monday.
A number of other equities research analysts have also commented on the company. BidaskClub upgraded CSX Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. Credit Suisse Group reaffirmed a “buy” rating and set a $65.00 price target on shares of CSX Corporation in a report on Friday, July 14th. Zacks Investment Research upgraded CSX Corporation from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research report on Tuesday, July 11th. Morgan Stanley downgraded CSX Corporation from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $44.00 to $43.00 in a research report on Monday. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $65.00 price objective on shares of CSX Corporation in a research note on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and eighteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.09.
CSX Corporation (NASDAQ CSX) opened at 52.12 on Monday. The firm has a market cap of $47.60 billion, a price-to-earnings ratio of 27.26 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 $51.20 and its 200-day moving average price is $51.11.
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 the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analyst estimates of $2.85 billion. During the same quarter last year, the business posted $0.47 earnings per share. The company’s revenue was up 8.5% on a year-over-year basis. Equities research analysts predict that CSX Corporation will post $2.22 earnings per share for the current year.
CSX Corporation announced that its Board of Directors has approved 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 buy up to 1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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In other CSX Corporation news, Director Ridge Lp Mantle acquired 1,357,000 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The shares were acquired at an average price of $51.59 per share, with a total value of $70,007,630.00. Following the purchase, the director now owns 106 shares of the company’s stock, valued at approximately $5,468.54. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.79% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Westwood Holdings Group Inc. raised its holdings in CSX Corporation by 0.7% during the 1st quarter. Westwood Holdings Group Inc. now owns 7,549 shares of the transportation company’s stock worth $351,000 after buying an additional 49 shares during the period. Simmons Bank lifted its stake in CSX Corporation by 0.8% in the first quarter. Simmons Bank now owns 12,633 shares of the transportation company’s stock valued at $588,000 after buying an additional 100 shares in the last quarter. North Star Investment Management Corp. lifted its stake in CSX Corporation by 0.7% in the second quarter. North Star Investment Management Corp. now owns 20,498 shares of the transportation company’s stock valued at $1,118,000 after buying an additional 146 shares in the last quarter. Assetmark Inc. lifted its stake 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 buying an additional 175 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its stake in CSX Corporation by 1.6% in the first quarter. IFM Investors Pty Ltd now owns 12,423 shares of the transportation company’s stock valued at $578,000 after buying an additional 200 shares in the last quarter. 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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