CSX Corp. (CSX) Rating Increased to Buy at Zacks Investment Research
CSX Corp. (NASDAQ:CSX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $35.00 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 12.87% from the company’s previous close.
According to Zacks, “CSX Corporation's earnings per share and revenues beat the Zacks Consensus Estimate in third quarter of 2016. However, both metrics declined on a year over year basis due to lower overall volumes primarily impacted by decline in coal shipments. The company has an impressive history with respect to earnings per share having outshined the Zacks Consensus Estimate in three of the last four quarters. The company also improved its balance sheet with lower long term debt compared to year end 2015. Despite prevailing macroeconomic challenges, the company continues to expect operating ratio in mid-60s range over the long term. We are also imppressed with the company's shareholder return policy and commitment in maximizing sharehodler value.”
A number of other brokerages have also recently issued reports on CSX. Cowen and Company reissued a “hold” rating on shares of CSX Corp. in a report on Sunday, July 17th. Oppenheimer Holdings Inc. restated a “hold” rating on shares of CSX Corp. in a research report on Sunday, July 17th. Stifel Nicolaus lowered CSX Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. They noted that the move was a valuation call. JPMorgan Chase & Co. reiterated a “buy” rating on shares of CSX Corp. in a research report on Friday, July 15th. Finally, BB&T Corp. downgraded CSX Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 15th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $29.96.
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CSX Corp. (NASDAQ:CSX) opened at 31.302 on Tuesday. The stock has a market capitalization of $29.61 billion, a P/E ratio of 17.086 and a beta of 1.23. The stock has a 50 day moving average of $29.58 and a 200 day moving average of $27.52. CSX Corp. has a 52 week low of $21.33 and a 52 week high of $31.73.
CSX Corp. (NASDAQ:CSX) last posted its quarterly earnings results on Wednesday, October 12th. The company reported $0.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.03. CSX Corp. had a net margin of 15.93% and a return on equity of 14.79%. The firm had revenue of $2.71 billion for the quarter. During the same quarter in the prior year, the firm earned $0.52 EPS. The firm’s quarterly revenue was down 7.8% on a year-over-year basis. On average, equities research analysts predict that CSX Corp. will post $1.75 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Wednesday, November 30th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, November 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.32%. CSX Corp.’s payout ratio is 40.00%.
In related news, President Clarence W. Gooden sold 16,129 shares of the business’s stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $31.00, for a total transaction of $499,999.00. Following the sale, the president now directly owns 127,954 shares in the company, valued at approximately $3,966,574. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Clarence W. Gooden sold 17,332 shares of the business’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $29.44, for a total value of $510,254.08. Following the sale, the president now owns 127,954 shares in the company, valued at $3,766,965.76. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in CSX. BLB&B Advisors LLC raised its stake in CSX Corp. by 2.5% in the third quarter. BLB&B Advisors LLC now owns 78,499 shares of the company’s stock worth $2,394,000 after buying an additional 1,904 shares during the last quarter. CrestPoint Capital Management LLC raised its stake in CSX Corp. by 2.4% in the third quarter. CrestPoint Capital Management LLC now owns 8,400 shares of the company’s stock worth $256,000 after buying an additional 200 shares during the last quarter. Spirit of America Management Corp NY raised its stake in CSX Corp. by 35.0% in the third quarter. Spirit of America Management Corp NY now owns 13,500 shares of the company’s stock worth $412,000 after buying an additional 3,500 shares during the last quarter. Charter Trust Co. raised its stake in CSX Corp. by 6.4% in the third quarter. Charter Trust Co. now owns 61,495 shares of the company’s stock worth $1,876,000 after buying an additional 3,714 shares during the last quarter. Finally, National Pension Service raised its stake in CSX Corp. by 8.7% in the third quarter. National Pension Service now owns 700,638 shares of the company’s stock worth $21,369,000 after buying an additional 55,899 shares during the last quarter. Institutional investors own 68.64% of the company’s stock.
About CSX Corp.
CSX Corporation, together with its subsidiaries, is a transportation company. The Company provides rail-based transportation services, including rail service and the transport of intermodal containers and trailers. The Company serves three lines of business, such as merchandise business, coal business and intermodal business.
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