CSX Stock Rating Reaffirmed by Bank of America (CSX)
CSX (NYSE:CSX)‘s stock had its “buy” rating reaffirmed by equities researchers at Bank of America in a research report issued on Wednesday, ARN reports. They currently have a $33.00 price target on the stock, up from their previous price target of $32.00. Bank of America’s price target would suggest a potential upside of 16.65% from the company’s current price.
The analysts wrote, “CSX posted solid results despite the weather, and has experienced a robust start to 2Q14, as carloads are up 11% over the past 2 weeks. It posted normalized 1Q14 EPS of $0.38, down 17% year-over-year, in-line with our estimate, and just above consensus’ $0.37. Results included an $0.08-$0.09/sh impact from weather, placing adjusted EPS at $0.46-$0.47, just above our pre-weather adjusted $0.43 estimate (reduced on March 12). “Results included up to $58 million ($0.03-$0.05/sh) in liquidated damages from coal customers. GAAP EPS of $0.40 included a $0.02/sh tax gain. Total carloads were up 2.7% in 1Q, topping our 1.3% target, while yields fell -1.8%, below our +0.5% target (mainly driven by a -7.6% decline in Coal yields, larger than our -5% target).”
CSX (NYSE:CSX) traded down 2.97% on Wednesday, hitting $27.451. 7,151,429 shares of the company’s stock traded hands. CSX has a 52 week low of $22.40 and a 52 week high of $29.45. The stock’s 50-day moving average is $28.46 and its 200-day moving average is $27.42. The company has a market cap of $27.659 billion and a price-to-earnings ratio of 15.47. CSX also saw unusually large options trading activity on Tuesday. Investors bought 3,500 put options on the stock. This is an increase of approximately 280% compared to the typical volume of 920 put options.
CSX (NYSE:CSX) last announced its earnings results on Tuesday, April 15th. The company reported $0.40 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.38 by $0.02. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.98 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. The company’s quarterly revenue was up 1.7% on a year-over-year basis. On average, analysts predict that CSX will post $1.86 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, June 13th. Stockholders of record on Wednesday, May 28th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.26%.
Several other analysts have also recently commented on the stock. Analysts at Macquarie initiated coverage on shares of CSX in a research note on Thursday, April 10th. They set an “outperform” rating and a $32.00 price target on the stock. Separately, analysts at Sanford C. Bernstein raised their price target on shares of CSX from $26.00 to $28.00 in a research note on Tuesday, April 8th. Finally, analysts at Buckingham Research downgraded shares of CSX from a “buy” rating to a “neutral” rating in a research note on Monday, April 7th. They now have a $29.00 price target on the stock. Twelve research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. CSX currently has an average rating of “Hold” and an average target price of $29.05.
CSX Corporation (NYSE:CSX), together with its subsidiaries, is a transportation supplier.
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