CSX Corp. (CSX) Upgraded by Zacks Investment Research to “Buy”
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 currently has a $35.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.87% from the stock’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.”
Other equities research analysts have also issued research reports about the stock. Citigroup Inc. reissued a “buy” rating and issued a $29.00 price target on shares of CSX Corp. in a report on Thursday, July 14th. JPMorgan Chase & Co. reissued a “buy” rating on shares of CSX Corp. in a report on Friday, July 15th. Argus reissued a “buy” rating and issued a $35.00 price target on shares of CSX Corp. in a report on Friday, July 15th. Bank of America Corp. reissued a “buy” rating and issued a $32.00 price target on shares of CSX Corp. in a report on Monday, September 12th. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of CSX Corp. in a report on Tuesday, September 13th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $29.96.
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Shares of CSX Corp. (NASDAQ:CSX) opened at 31.01 on Tuesday. The stock has a 50 day moving average of $29.58 and a 200 day moving average of $27.52. The company has a market cap of $29.34 billion, a price-to-earnings ratio of 16.93 and a beta of 1.23. CSX Corp. has a 12-month low of $21.33 and a 12-month high of $31.73.
CSX Corp. (NASDAQ:CSX) last issued its quarterly earnings results on Wednesday, October 12th. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.45 by $0.03. The company earned $2.71 billion during the quarter. CSX Corp. had a net margin of 15.93% and a return on equity of 14.79%. CSX Corp.’s revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS. Equities research analysts predict that CSX Corp. will post $1.75 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 30th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, November 28th. This represents a $0.72 annualized dividend and a dividend yield of 2.32%. CSX Corp.’s dividend payout ratio is presently 40.00%.
In related news, President Clarence W. Gooden sold 17,332 shares of the company’s stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $29.44, for a total transaction of $510,254.08. Following the sale, the president now directly owns 127,954 shares in the company, valued at $3,766,965.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Clarence W. Gooden sold 16,129 shares of the company’s stock in a transaction that occurred 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 owns 127,954 shares in the company, valued at $3,966,574. The disclosure for this sale can be found here. 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. Hedge funds and other institutional investors own 68.64% of the company’s stock.
CSX Corp. Company Profile
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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