CSX (NASDAQ:CSX) Stock Gets Price Target Reduction from Citigroup

CSX (NASDAQ:CSX) had its price target reduced by Citigroup from $54.00 to $53.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the transportation company’s stock.

Several other research firms have also recently commented on CSX. Evercore set a $51.00 price target on CSX in a report on Thursday, July 23rd. JPMorgan Chase & Co. cut their price objective on CSX from $58.00 to $57.00 and set an “overweight” rating for the company in a research report on Monday, October 5th. Wells Fargo & Company raised their target price on CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, July 8th. BMO Capital Markets restated a “market perform” rating and set a $52.00 target price (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Finally, Morgan Stanley set a $32.00 price target on shares of CSX and gave the company an “underweight” rating in a report on Monday, July 6th. Eighteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.06.

CSX Stock Performance

NASDAQ:CSX opened at $47.26 on Wednesday. CSX has a twelve month low of $33.63 and a twelve month high of $53.60. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. The firm’s fifty day simple moving average is $49.01 and its 200 day simple moving average is $47.00. The stock has a market cap of $87.55 billion, a P/E ratio of 27.32, a price-to-earnings-growth ratio of 2.22 and a beta of 1.21.

CSX (NASDAQ:CSX) last announced its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.44 earnings per share. As a group, research analysts predict that CSX will post 2.00 EPS for the current year.

CSX Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Monday, November 30th. CSX’s payout ratio is presently 32.37%.

Insider Activity at CSX

In other news, SVP Michael Burns sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the completion of the transaction, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. The trade was a 17.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Angela Williams sold 30,000 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $53.29, for a total value of $1,598,700.00. Following the completion of the transaction, the chief accounting officer directly owned 10,437 shares of the company’s stock, valued at $556,187.73. This trade represents a 74.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CSX

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in CSX during the 2nd quarter valued at about $7,655,277,000. Bank of America Corp DE acquired a new stake in shares of CSX in the 2nd quarter worth approximately $1,598,962,000. Bank of New York Mellon Corp bought a new position in shares of CSX in the second quarter valued at approximately $950,325,000. XXEC Inc. acquired a new position in shares of CSX during the second quarter valued at approximately $765,595,000. Finally, Legal & General Group Plc acquired a new position in shares of CSX during the second quarter valued at approximately $747,001,000. Institutional investors and hedge funds own 73.57% of the company’s stock.

CSX News Summary

Here are the key news stories impacting CSX this week:

• Positive Sentiment: CSX and the Massachusetts Department of Transportation reached an agreement covering rail upgrades in the Berkshires. The deal is an initial step toward making the Berkshire Flyer passenger service permanent, potentially supporting long-term utilization of CSX’s network and strengthening its relationship with public-sector partners. State, CSX agree to rail upgrades in the Berkshires
• Positive Sentiment: CSX maintained its quarterly dividend at $0.14 per share. The payment is scheduled for December 15 to shareholders of record on November 30, providing continued income support and signaling confidence in the company’s cash-generation capacity. CSX Keeps Quarterly Dividend at $0.14 per Share
• Neutral Sentiment: A report listed CSX short interest at zero shares and a 0.0-day short-interest ratio. Because the figures conflict with the report’s description of a “significant increase” in short interest, the data provide little dependable insight into current investor positioning.
• Negative Sentiment: As Hurricane Isaias approached, Amtrak canceled trains while CSX prepared for the storm. Although preparations may limit damage, severe weather can temporarily disrupt freight operations, delay shipments and increase maintenance costs. Amtrak cancels trains, CSX makes preparations as Hurricane Isaias approaches

CSX Company Profile

CSX Corporation (NASDAQ:CSX) is a transportation company that provides rail-based freight services through its principal subsidiary, CSX Transportation. The company moves a broad range of products, including agricultural and food products, chemicals, minerals, forest products, metals, automotive shipments, and consumer goods.

CSX also provides intermodal transportation, connecting rail shipments with trucks, ports, and distribution facilities. Its network serves the eastern United States and reaches parts of Canada, linking major industrial regions, population centers, manufacturing locations, and Atlantic and Gulf Coast ports.

CSX traces its history to the 1980 merger of Chessie System and Seaboard Coast Line Industries.