BMO Capital Markets Downgrades CSX Corp. (CSX) to Market Perform
CSX Corp. (NASDAQ:CSX) was downgraded by equities researchers at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a report issued on Thursday. They currently have a $35.00 price objective on the stock, up from their previous price objective of $34.00. BMO Capital Markets’ price objective would suggest a potential upside of 1.21% from the stock’s current price. The analysts noted that the move was a valuation call.
A number of other brokerages have also recently issued reports on CSX. Citigroup Inc. restated a “buy” rating and set a $29.00 target price on shares of CSX Corp. in a report on Thursday, July 14th. Stifel Nicolaus cut CSX Corp. from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. They noted that the move was a valuation call. Cowen and Company raised their target price on CSX Corp. from $27.00 to $30.00 and gave the stock a “market perform” rating in a report on Friday, July 15th. Royal Bank Of Canada raised their target price on CSX Corp. from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, July 15th. Finally, BB&T Corp. cut CSX Corp. from a “buy” rating to a “hold” rating in a report on Friday, July 15th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and fifteen have given a buy rating to the stock. CSX Corp. currently has a consensus rating of “Hold” and an average price target of $30.43.
Shares of CSX Corp. (NASDAQ:CSX) opened at 34.58 on Thursday. CSX Corp. has a 52 week low of $21.33 and a 52 week high of $34.75. The company has a 50 day moving average price of $30.93 and a 200 day moving average price of $28.25. The company has a market cap of $32.39 billion, a PE ratio of 19.24 and a beta of 1.11.
CSX Corp. (NASDAQ:CSX) last posted its quarterly earnings results on Wednesday, October 12th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.03. The business had revenue of $2.71 billion for 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.52 EPS. On average, equities analysts expect that CSX Corp. will post $1.79 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be issued a dividend of $0.18 per share. The ex-dividend date is Monday, November 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.08%. CSX Corp.’s dividend payout ratio (DPR) is currently 40.00%.
In other news, President Clarence W. Gooden sold 15,625 shares of the business’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $32.00, for a total transaction of $500,000.00. Following the completion of the transaction, the president now owns 127,954 shares of the company’s stock, valued at approximately $4,094,528. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael J. Ward sold 300,000 shares of the business’s stock in a transaction on Monday, October 17th. The stock was sold at an average price of $30.97, for a total value of $9,291,000.00. Following the transaction, the chairman now directly owns 198,742 shares of the company’s stock, valued at approximately $6,155,039.74. The disclosure for this sale can be found here. Insiders own 0.36% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of CSX Corp. by 1.0% in the second quarter. Vanguard Group Inc. now owns 64,897,998 shares of the company’s stock worth $1,692,540,000 after buying an additional 617,969 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of CSX Corp. by 5.3% in the third quarter. BlackRock Fund Advisors now owns 11,411,674 shares of the company’s stock worth $348,056,000 after buying an additional 576,303 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of CSX Corp. by 4.3% in the third quarter. Bank of New York Mellon Corp now owns 8,475,714 shares of the company’s stock worth $258,509,000 after buying an additional 347,094 shares during the last quarter. Janus Capital Management LLC boosted its position in shares of CSX Corp. by 2,956.3% in the second quarter. Janus Capital Management LLC now owns 8,445,436 shares of the company’s stock worth $220,257,000 after buying an additional 8,169,105 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of CSX Corp. by 20.9% in the second quarter. American Century Companies Inc. now owns 6,305,930 shares of the company’s stock worth $164,459,000 after buying an additional 1,091,854 shares during the last quarter. 69.29% of the stock is owned by institutional investors and hedge funds.
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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