Credit Suisse Group Cuts CSX Corporation (CSX) Price Target to $60.00
CSX Corporation (NASDAQ:CSX) had its price target trimmed by Credit Suisse Group from $61.00 to $60.00 in a research note issued to investors on Thursday. The firm currently has an outperform rating on the transportation company’s stock.
A number of other analysts also recently commented on CSX. BidaskClub upgraded shares of CSX Corporation from a strong sell rating to a sell rating in a research report on Thursday, August 10th. Royal Bank Of Canada reiterated a buy rating and issued a $65.00 target price on shares of CSX Corporation in a report on Friday, August 11th. UBS AG reiterated a buy rating and issued a $62.00 target price on shares of CSX Corporation in a report on Monday, August 14th. Deutsche Bank AG reiterated a buy rating on shares of CSX Corporation in a report on Wednesday, August 2nd. Finally, Loop Capital reiterated a hold rating and issued a $54.00 target price (up from $52.00) on shares of CSX Corporation in a report on Saturday, July 22nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty have given a buy rating to the company’s stock. CSX Corporation presently has an average rating of Buy and an average target price of $53.40.
Shares of CSX Corporation (NASDAQ:CSX) opened at 51.14 on Thursday. CSX Corporation has a 52-week low of $27.89 and a 52-week high of $55.48. The firm has a market capitalization of $46.71 billion, a price-to-earnings ratio of 26.75 and a beta of 1.30. The stock has a 50 day moving average of $49.91 and a 200 day moving average of $50.53.
CSX Corporation (NASDAQ:CSX) last released its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.85 billion. During the same period in the previous year, the firm earned $0.47 EPS. CSX Corporation’s revenue was up 8.5% on a year-over-year basis. On average, analysts predict that CSX Corporation will post $2.27 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date is Tuesday, August 29th. CSX Corporation’s payout ratio is presently 41.88%.
CSX Corporation announced that its board has approved a stock buyback program on Tuesday, July 18th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the transportation company to purchase up to 1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
In other CSX Corporation news, Director Ridge Lp Mantle bought 1,357,000 shares of the firm’s stock in a transaction on Friday, July 21st. The stock was bought at an average cost of $51.59 per share, with a total value 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 approximately $5,468.54. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 4.79% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in CSX Corporation by 0.5% in the first quarter. Vanguard Group Inc. now owns 67,607,341 shares of the transportation company’s stock worth $3,147,122,000 after acquiring an additional 303,834 shares in the last quarter. Janus Capital Management LLC grew its position in CSX Corporation by 32.9% in the first quarter. Janus Capital Management LLC now owns 16,620,538 shares of the transportation company’s stock worth $773,686,000 after acquiring an additional 4,114,395 shares in the last quarter. Bank of New York Mellon Corp grew its position in CSX Corporation by 22.3% in the first quarter. Bank of New York Mellon Corp now owns 10,380,043 shares of the transportation company’s stock worth $483,191,000 after acquiring an additional 1,896,101 shares in the last quarter. Geode Capital Management LLC grew its position in CSX Corporation by 7.6% in the first quarter. Geode Capital Management LLC now owns 9,175,880 shares of the transportation company’s stock worth $426,540,000 after acquiring an additional 648,154 shares in the last quarter. Finally, Brahman Capital Corp. bought a new stake in CSX Corporation in the first quarter worth approximately $257,229,000. 69.80% of the stock is owned by institutional investors.
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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