CSX Corporation Target of Unusually High Options Trading (CSX)
CSX Corporation (NASDAQ:CSX) was the recipient of unusually large options trading on Wednesday. Traders acquired 5,681 put options on the stock. This is an increase of approximately 110% compared to the average volume of 2,703 put options.
In other CSX Corporation news, Director Ridge Lp Mantle bought 1,357,000 shares of CSX Corporation stock in a transaction dated Friday, July 21st. The stock was bought at an average cost of $51.59 per share, for a total transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.79% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Paragon Capital Management Ltd bought a new position in CSX Corporation during the first quarter valued at approximately $9,357,000. United Services Automobile Association increased its position in CSX Corporation by 20.9% in the first quarter. United Services Automobile Association now owns 573,690 shares of the transportation company’s stock valued at $26,705,000 after buying an additional 99,118 shares in the last quarter. State of Alaska Department of Revenue bought a new position in CSX Corporation during the first quarter valued at approximately $375,000. ClariVest Asset Management LLC bought a new position in CSX Corporation during the first quarter valued at approximately $13,531,000. Finally, Stratos Wealth Partners LTD. increased its position in CSX Corporation by 10.6% in the first quarter. Stratos Wealth Partners LTD. now owns 13,720 shares of the transportation company’s stock valued at $639,000 after buying an additional 1,316 shares in the last quarter. Hedge funds and other institutional investors own 69.78% of the company’s stock.
CSX Corporation (NASDAQ CSX) opened at 49.78 on Friday. The firm has a 50-day moving average price of $50.34 and a 200-day moving average price of $50.46. CSX Corporation has a one year low of $27.89 and a one year high of $55.48. The firm has a market cap of $45.46 billion, a PE ratio of 26.04 and a beta of 1.30.
CSX Corporation (NASDAQ:CSX) last issued its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $2.85 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s revenue was up 8.5% compared to the same quarter last year. On average, equities analysts expect that CSX Corporation will post $2.30 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.61%. The ex-dividend date is Tuesday, August 29th. CSX Corporation’s dividend payout ratio (DPR) is currently 41.88%.
CSX Corporation declared that its board has approved a stock buyback program on Tuesday, July 18th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the transportation company to buy up to 1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Several brokerages have recently commented on CSX. BidaskClub upgraded CSX Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 6th. Credit Suisse Group reiterated a “buy” rating and set a $65.00 target price on shares of CSX Corporation in a research note on Friday, July 14th. Zacks Investment Research upgraded CSX Corporation from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Tuesday, July 11th. Royal Bank Of Canada reiterated a “buy” rating and set a $65.00 target price on shares of CSX Corporation in a research note on Wednesday, July 12th. Finally, Bank of America Corporation reiterated a “buy” rating and set a $65.00 target price (up from $56.00) on shares of CSX Corporation in a research note on Tuesday, June 6th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $53.71.
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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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