CSX Corporation (CSX) Downgraded by Morgan Stanley
Morgan Stanley downgraded shares of CSX Corporation (NASDAQ:CSX) from an equal weight rating to an underweight rating in a report issued on Monday, MarketBeat.com reports. They currently have $43.00 price target on the transportation company’s stock, down from their previous price target of $44.00.
Several other research firms have also weighed in on CSX. BidaskClub raised CSX Corporation from a sell rating to a hold rating in a research report on Tuesday, September 12th. TD Securities dropped their price target on CSX Corporation from $64.00 to $63.00 and set a buy rating on the stock in a research report on Thursday, July 20th. Royal Bank Of Canada reissued a buy rating and set a $65.00 price target on shares of CSX Corporation in a research report on Friday, June 9th. Stifel Nicolaus reissued a hold rating and set a $55.00 price target (down from $57.00) on shares of CSX Corporation in a research report on Thursday, September 7th. Finally, Zacks Investment Research raised CSX Corporation from a hold rating to a buy rating and set a $61.00 price target on the stock in a research report on Tuesday, July 11th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eighteen have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $54.09.
Shares of CSX Corporation (NASDAQ:CSX) opened at 52.35 on Monday. CSX Corporation has a 12-month low of $30.01 and a 12-month high of $55.48. The firm has a 50-day moving average price of $51.28 and a 200 day moving average price of $51.12. The stock has a market cap of $47.81 billion, a PE ratio of 27.38 and a beta of 1.35.
CSX Corporation (NASDAQ:CSX) last posted its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.85 billion. CSX Corporation had a return on equity of 16.93% and a net margin of 15.46%. CSX Corporation’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.47 earnings per share. Equities research analysts predict that CSX Corporation will post $2.22 EPS for the current fiscal year.
TRADEMARK VIOLATION NOTICE: This article was first reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this article on another domain, it was copied illegally and reposted in violation of U.S. & international trademark and copyright laws. The correct version of this article can be read at https://www.thecerbatgem.com/2017/10/06/csx-corporation-csx-downgraded-by-morgan-stanley.html.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.53%. CSX Corporation’s dividend payout ratio is 41.88%.
CSX Corporation declared that its Board of Directors has approved a share buyback plan on Tuesday, July 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the transportation company to buy up to 1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In related news, Director Ridge Lp Mantle acquired 1,357,000 shares of the stock in a transaction dated Friday, July 21st. The shares were acquired at an average price of $51.59 per share, with a total value of $70,007,630.00. Following the acquisition, the director now owns 106 shares in the company, valued at approximately $5,468.54. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.79% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Westwood Holdings Group Inc. boosted its stake in CSX Corporation by 0.7% during the 1st quarter. Westwood Holdings Group Inc. now owns 7,549 shares of the transportation company’s stock valued at $351,000 after purchasing an additional 49 shares during the period. Simmons Bank boosted its stake in CSX Corporation by 0.8% during the 1st quarter. Simmons Bank now owns 12,633 shares of the transportation company’s stock valued at $588,000 after purchasing an additional 100 shares during the period. North Star Investment Management Corp. boosted its stake in CSX Corporation by 0.7% during the 2nd quarter. North Star Investment Management Corp. now owns 20,498 shares of the transportation company’s stock valued at $1,118,000 after purchasing an additional 146 shares during the period. Assetmark Inc. boosted its stake in CSX Corporation by 8.7% during the 1st quarter. Assetmark Inc. now owns 2,186 shares of the transportation company’s stock valued at $102,000 after purchasing an additional 175 shares during the period. Finally, IFM Investors Pty Ltd boosted its stake in CSX Corporation by 1.6% during the 1st quarter. IFM Investors Pty Ltd now owns 12,423 shares of the transportation company’s stock valued at $578,000 after purchasing an additional 200 shares during the period. 69.83% of the stock is currently owned by institutional investors and hedge funds.
CSX Corporation Company Profile
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.
Receive News & Stock Ratings for CSX Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CSX Corporation and related stocks with our FREE daily email newsletter.