CSX Corp. Lowered to Sector Perform at RBC Capital (CSX)
CSX Corp. (NYSE:CSX) was downgraded by equities research analysts at RBC Capital from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Thursday, TheFlyOnTheWall.com reports. They currently have a $28.00 price objective on the stock, down from their previous price objective of $31.00. RBC Capital’s target price would suggest a potential upside of 8.15% from the company’s current price.
The analysts wrote, “We are downgrading CSX as negative trends in a number of key areas (notably core pricing and coal volumes) are likely to result in lower than expected earnings growth and EPS that is below both guidance and consensus estimates. Accordingly, we see few catalysts for further multiple expansion and we are downgrading to Sector Perform (from Outperform).”
Shares of CSX Corp. (NYSE:CSX) traded down 2.12% during mid-day trading on Thursday, hitting $25.34. 7,427,231 shares of the company’s stock traded hands. CSX Corp. has a 1-year low of $18.88 and a 1-year high of $26.90. The stock has a 50-day moving average of $25.7 and a 200-day moving average of $24.96. The company has a market cap of $25.817 billion and a P/E ratio of 14.09. CSX Corp. also saw some unusual options trading on Wednesday. Stock traders acquired 5,826 put options on the stock. This represents an increase of 271% compared to the typical daily volume of 1,569 put options.
CSX Corp. (NYSE:CSX) last released its earnings data on Wednesday, October 16th. The company reported $0.46 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.43 by $0.03. The company had revenue of $3.00 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter last year, the company posted $0.44 earnings per share. CSX Corp.’s revenue was up 3.6% compared to the same quarter last year. On average, analysts predict that CSX Corp. will post $1.80 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Tuesday, November 26th.
Several other analysts have also recently commented on the stock. Analysts at BMO Capital Markets downgraded shares of CSX Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Wednesday. They now have a $28.00 price target on the stock, down previously from $29.00. Separately, analysts at Citigroup Inc. downgraded shares of CSX Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Friday, October 4th. They now have a $27.00 price target on the stock, up previously from $25.30. They noted that the move was a valuation call. Finally, analysts at Sanford C. Bernstein raised their price target on shares of CSX Corp. from $22.00 to $24.00 in a research note to investors on Wednesday, October 2nd. They now have a “market perform” rating on the stock. Thirteen investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $26.72.
CSX Corporation (NYSE:CSX), together with its subsidiaries, is a transportation supplier.
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