CSX Corporation’s (NASDAQ:CSX) “Buy” Rating Reaffirmed at UBS AG
CSX Corporation (NASDAQ:CSX)‘s stock had its “buy” rating reiterated by UBS AG in a report issued on Monday, www.flashratings.com reports. They currently have a $62.00 price objective on the transportation company’s stock. UBS AG’s target price suggests a potential upside of 23.33% from the company’s previous close.
CSX has been the topic of several other reports. Loop Capital reissued a “hold” rating and set a $54.00 target price (up from $52.00) on shares of CSX Corporation in a research report on Saturday, July 22nd. BidaskClub raised shares of CSX Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. Bank of America Corporation reissued a “buy” rating and set a $65.00 target price (up from $56.00) on shares of CSX Corporation in a research report on Tuesday, June 6th. Zacks Investment Research downgraded shares of CSX Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. Finally, TD Securities reissued a “buy” rating and set a $64.00 target price (up from $57.00) on shares of CSX Corporation in a research report on Friday, April 21st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nineteen have issued a buy rating to the stock. CSX Corporation presently has a consensus rating of “Buy” and a consensus price target of $53.71.
CSX Corporation (NASDAQ CSX) traded up 0.93% during mid-day trading on Monday, hitting $50.74. The stock had a trading volume of 756,446 shares. The stock has a market cap of $46.34 billion, a price-to-earnings ratio of 26.54 and a beta of 1.30. The company has a 50-day moving average of $52.23 and a 200-day moving average of $50.22. CSX Corporation has a 12-month low of $27.82 and a 12-month high of $55.48.
CSX Corporation (NASDAQ:CSX) last posted its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.05. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. The business had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same period in the prior year, the business posted $0.47 earnings per share. CSX Corporation’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, analysts anticipate that CSX Corporation will post $2.30 earnings per share for the current fiscal year.
CSX Corporation declared that its Board of Directors has approved a share repurchase program on Thursday, April 20th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the transportation company to buy up to 2.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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In other CSX Corporation news, Director Ridge Lp Mantle purchased 1,357,000 shares of the business’s stock in a transaction on Friday, July 21st. The stock was purchased at an average price of $51.59 per share, for a total transaction of $70,007,630.00. Following the completion of the purchase, the director now directly owns 106 shares in the company, valued at $5,468.54. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.79% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of CSX Corporation by 0.5% in the first quarter. Vanguard Group Inc. now owns 67,607,341 shares of the transportation company’s stock worth $3,147,122,000 after buying an additional 303,834 shares in the last quarter. Janus Capital Management LLC boosted its position in shares of CSX Corporation by 32.9% in the first quarter. Janus Capital Management LLC now owns 16,620,538 shares of the transportation company’s stock worth $773,686,000 after buying an additional 4,114,395 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of CSX Corporation by 22.3% in the first quarter. Bank of New York Mellon Corp now owns 10,380,043 shares of the transportation company’s stock worth $483,191,000 after buying an additional 1,896,101 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of CSX Corporation by 7.6% in the first quarter. Geode Capital Management LLC now owns 9,175,880 shares of the transportation company’s stock worth $426,540,000 after buying an additional 648,154 shares in the last quarter. Finally, Brahman Capital Corp. acquired a new position in shares of CSX Corporation during the first quarter worth approximately $257,229,000. Hedge funds and other institutional investors own 70.32% of the company’s stock.
About CSX Corporation
CSX Corporation is a transportation company. The Company provides rail-based freight transportation services, including traditional rail service and transport of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations.
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