Credit Suisse Group Cuts CSX Co. (CSX) Price Target to $60.00
CSX Co. (NASDAQ:CSX) had its price objective lowered by investment analysts at Credit Suisse Group from $61.00 to $60.00 in a note issued to investors on Thursday. The brokerage presently has an “outperform” rating on the transportation company’s stock. Credit Suisse Group’s price objective indicates a potential upside of 19.50% from the stock’s current price.
Several other brokerages also recently issued reports on CSX. BidaskClub raised shares of CSX from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Zacks Investment Research raised shares of CSX from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, July 11th. Royal Bank Of Canada reissued a “buy” rating and set a $65.00 price target on shares of CSX in a report on Wednesday, July 12th. Bank of America Corporation reissued a “buy” rating and set a $65.00 price target (up from $56.00) on shares of CSX in a report on Tuesday, June 6th. Finally, Stifel Nicolaus reissued a “hold” rating on shares of CSX in a report on Friday, June 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $53.47.
Shares of CSX (NASDAQ CSX) traded up 1.842% during mid-day trading on Thursday, reaching $51.135. 3,351,726 shares of the company’s stock were exchanged. CSX has a 52-week low of $27.89 and a 52-week high of $55.48. The stock has a market cap of $46.70 billion, a price-to-earnings ratio of 26.744 and a beta of 1.30. The stock’s 50-day moving average is $49.92 and its 200-day moving average is $50.52. CSX also saw unusually large options trading activity on Tuesday. Stock traders bought 13,300 call options on the company. This is an increase of 387% compared to the average daily volume of 2,733 call options.
CSX (NASDAQ:CSX) last released its quarterly earnings data on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.85 billion. CSX had a net margin of 17.39% and a return on equity of 17.60%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the firm earned $0.47 EPS. On average, equities analysts expect that CSX will post $2.28 EPS for the current year.
CSX declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 18th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the transportation company to reacquire up to 1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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In other news, Director Ridge Lp Mantle acquired 1,357,000 shares of the firm’s stock in a transaction that occurred 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 acquisition, the director now owns 106 shares in the company, valued at $5,468.54. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.79% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CSX. Assetmark Inc. grew its holdings in CSX by 8.7% during the first quarter. Assetmark Inc. now owns 2,186 shares of the transportation company’s stock valued at $102,000 after purchasing an additional 175 shares during the period. Gradient Investments LLC grew its holdings in CSX by 38.1% during the second quarter. Gradient Investments LLC now owns 1,954 shares of the transportation company’s stock valued at $107,000 after purchasing an additional 539 shares during the period. Parallel Advisors LLC grew its holdings in CSX by 14.9% during the second quarter. Parallel Advisors LLC now owns 2,194 shares of the transportation company’s stock valued at $108,000 after purchasing an additional 285 shares during the period. Reilly Financial Advisors LLC grew its holdings in CSX by 33.1% during the second quarter. Reilly Financial Advisors LLC now owns 2,012 shares of the transportation company’s stock valued at $110,000 after purchasing an additional 500 shares during the period. Finally, LBA Wealth Management LLC grew its holdings in CSX by 323.1% during the first quarter. LBA Wealth Management LLC now owns 2,619 shares of the transportation company’s stock valued at $122,000 after purchasing an additional 2,000 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.
CSX Company Profile
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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