CSX Corp. (CSX) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of CSX Corp. (NASDAQ:CSX) from a hold rating to a buy rating in a research report report published on Tuesday. The firm currently has $35.00 price target on the stock.
According to Zacks, “CSX Corporation's earnings per share and revenues beat the Zacks Consensus Estimate in third quarter of 2016. However, both metrics declined on a year over year basis due to lower overall volumes primarily impacted by decline in coal shipments. The company has an impressive history with respect to earnings per share having outshined the Zacks Consensus Estimate in three of the last four quarters. The company also improved its balance sheet with lower long term debt compared to year end 2015. Despite prevailing macroeconomic challenges, the company continues to expect operating ratio in mid-60s range over the long term. We are also imppressed with the company's shareholder return policy and commitment in maximizing sharehodler value.”
Several other brokerages also recently issued reports on CSX. Citigroup Inc. reissued a buy rating and issued a $34.00 price target on shares of CSX Corp. in a report on Friday, October 14th. Cowen and Company lifted their target price on CSX Corp. from $30.00 to $33.00 and gave the company an outperform rating in a research note on Friday, October 14th. Oppenheimer Holdings Inc. reaffirmed a market perform rating on shares of CSX Corp. in a research note on Friday, October 14th. Barclays PLC reaffirmed an overweight rating and set a $35.00 target price on shares of CSX Corp. in a research note on Saturday. Finally, Vertical Research started coverage on CSX Corp. in a research note on Tuesday, October 11th. They set a hold rating on the stock. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $30.00.
Shares of CSX Corp. (NASDAQ:CSX) remained flat at $31.02 on Tuesday. The stock had a trading volume of 368,035 shares. The company has a market capitalization of $29.34 billion, a price-to-earnings ratio of 16.93 and a beta of 1.23. The stock’s 50 day moving average price is $29.65 and its 200 day moving average price is $27.56. CSX Corp. has a one year low of $21.33 and a one year high of $31.73.
CSX Corp. (NASDAQ:CSX) last issued its earnings results on Wednesday, October 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.45 by $0.03. The company earned $2.71 billion during the quarter. CSX Corp. had a return on equity of 14.79% and a net margin of 15.93%. CSX Corp.’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 EPS. Equities analysts expect that CSX Corp. will post $1.75 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Monday, November 28th. CSX Corp.’s dividend payout ratio (DPR) is currently 40.00%.
In related news, President Clarence W. Gooden sold 17,332 shares of the company’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $29.44, for a total value of $510,254.08. Following the completion of the sale, the president now owns 127,954 shares in the company, valued at approximately $3,766,965.76. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, President Clarence W. Gooden sold 16,129 shares of the company’s stock in a transaction on Thursday, October 6th. The shares were sold at an average price of $31.00, for a total transaction of $499,999.00. Following the completion of the sale, the president now owns 127,954 shares of the company’s stock, valued at approximately $3,966,574. The disclosure for this sale can be found here. 0.36% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Brick & Kyle Associates boosted its stake in CSX Corp. by 8.1% in the second quarter. Brick & Kyle Associates now owns 4,000 shares of the company’s stock worth $104,000 after buying an additional 300 shares in the last quarter. Washington Trust Bank boosted its stake in CSX Corp. by 7.7% in the third quarter. Washington Trust Bank now owns 3,644 shares of the company’s stock worth $111,000 after buying an additional 259 shares in the last quarter. Advisors Asset Management Inc. purchased a new stake in CSX Corp. during the second quarter worth approximately $117,000. Community Bank N.A. boosted its stake in CSX Corp. by 19.9% in the third quarter. Community Bank N.A. now owns 4,300 shares of the company’s stock worth $132,000 after buying an additional 715 shares in the last quarter. Finally, WFG Advisors LP boosted its stake in CSX Corp. by 17.1% in the second quarter. WFG Advisors LP now owns 6,537 shares of the company’s stock worth $170,000 after buying an additional 956 shares in the last quarter. Institutional investors and hedge funds own 68.64% of the company’s stock.
CSX Corp. Company Profile
CSX Corporation, together with its subsidiaries, is a transportation company. The Company provides rail-based transportation services, including rail service and the transport of intermodal containers and trailers. The Company serves three lines of business, such as merchandise business, coal business and intermodal business.
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