BMO Capital Markets Reaffirms Buy Rating for CSX Corporation (CSX)
CSX has been the topic of several other reports. Zacks Investment Research upgraded CSX Corporation from a hold rating to a buy rating and set a $61.00 target price on the stock in a research note on Tuesday, July 11th. Credit Suisse Group restated a buy rating and set a $65.00 target price on shares of CSX Corporation in a research note on Friday, July 14th. Cowen and Company restated a hold rating and set a $54.00 target price on shares of CSX Corporation in a research note on Friday, July 28th. BidaskClub downgraded CSX Corporation from a hold rating to a sell rating in a research note on Saturday, August 19th. Finally, Deutsche Bank AG reiterated a buy rating on shares of CSX Corporation in a research note on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $53.71.
CSX Corporation (NASDAQ:CSX) traded down 0.84% during midday trading on Wednesday, hitting $49.78. The company had a trading volume of 4,534,630 shares. CSX Corporation has a 52 week low of $27.89 and a 52 week high of $55.48. The stock has a 50 day moving average price of $50.34 and a 200-day moving average price of $50.46. The stock has a market capitalization of $45.46 billion, a PE ratio of 26.04 and a beta of 1.30. CSX Corporation also was the recipient of unusually large options trading on Wednesday. Investors acquired 5,681 put options on the stock. This represents an increase of 110% compared to the average volume of 2,703 put options.
CSX Corporation (NASDAQ:CSX) last announced its earnings results 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 return on equity of 16.93% and a net margin of 15.46%. The firm had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same period in the previous year, the business earned $0.47 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, equities analysts predict that CSX Corporation will post $2.30 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a dividend of $0.20 per share. The ex-dividend date is Tuesday, August 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.61%. CSX Corporation’s payout ratio is currently 41.88%.
CSX Corporation announced that its board has initiated a share repurchase plan on Tuesday, July 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the transportation company to purchase up to 1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Ridge Lp Mantle purchased 1,357,000 shares of the company’s stock in a transaction dated Friday, July 21st. The stock was acquired at an average cost of $51.59 per share, for a total transaction of $70,007,630.00. Following the completion of the transaction, 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 available through this hyperlink. 4.79% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of the stock. MCF Advisors LLC raised its position in shares of CSX Corporation by 0.3% in the first quarter. MCF Advisors LLC now owns 2,832 shares of the transportation company’s stock valued at $132,000 after buying an additional 9 shares during the last quarter. Gamble Jones Investment Counsel raised its position in shares of CSX Corporation by 0.3% in the first quarter. Gamble Jones Investment Counsel now owns 7,578 shares of the transportation company’s stock valued at $353,000 after buying an additional 21 shares during the last quarter. Westwood Holdings Group Inc. raised its position in shares of CSX Corporation by 0.7% in the first quarter. Westwood Holdings Group Inc. now owns 7,549 shares of the transportation company’s stock valued at $351,000 after buying an additional 49 shares during the last quarter. Financial Architects Inc raised its position in shares of CSX Corporation by 1.9% in the first quarter. Financial Architects Inc now owns 2,650 shares of the transportation company’s stock valued at $124,000 after buying an additional 50 shares during the last quarter. Finally, Simmons Bank raised its position in shares of 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 during the last quarter. Institutional investors and hedge funds own 69.78% 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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