CSX’s (CSX) Hold Rating Reiterated at Stifel Nicolaus
CSX Co. (NASDAQ:CSX)‘s stock had its “hold” rating reissued by investment analysts at Stifel Nicolaus in a note issued to investors on Thursday. They currently have a $55.00 price objective on the transportation company’s stock, down from their previous price objective of $57.00. Stifel Nicolaus’ price target indicates a potential upside of 6.86% from the stock’s current price.
Several other research analysts have also commented on the stock. BidaskClub raised shares of CSX from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Credit Suisse Group reaffirmed a “buy” rating and issued a $65.00 price target on shares of CSX in a report on Friday, July 14th. 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 reaffirmed a “buy” rating and issued a $65.00 price target on shares of CSX in a report on Wednesday, July 12th. Finally, Bank of America Corporation reaffirmed a “buy” rating and issued a $65.00 price target (up from $56.00) on shares of CSX in a report on Tuesday, June 6th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $53.40.
CSX (CSX) traded up 2.51% during trading on Thursday, reaching $51.47. 8,525,854 shares of the company’s stock traded hands. CSX has a 1-year low of $27.89 and a 1-year high of $55.48. The stock has a market capitalization of $47.01 billion, a P/E ratio of 26.92 and a beta of 1.30. The stock has a 50-day moving average price of $49.91 and a 200 day moving average price of $50.52. CSX also saw unusually large options trading activity on Tuesday. Stock traders acquired 13,300 call options on the stock. This is an increase of approximately 387% compared to the average daily volume of 2,733 call options.
CSX (NASDAQ:CSX) last released its earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 company’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 EPS. Equities research analysts expect that CSX will post $2.28 earnings per share for the current year.
CSX announced that its board has initiated a share buyback plan on Tuesday, July 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the transportation company to reacquire up to 1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Ridge Lp Mantle purchased 1,357,000 shares of the business’s stock in a transaction dated Friday, July 21st. The shares were acquired 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 directly owns 106 shares of the company’s stock, valued at $5,468.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.79% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in CSX by 0.5% during the first quarter. Vanguard Group Inc. now owns 67,607,341 shares of the transportation company’s stock valued at $3,147,122,000 after purchasing an additional 303,834 shares in the last quarter. Janus Capital Management LLC grew its position in CSX by 32.9% during the first quarter. Janus Capital Management LLC now owns 16,620,538 shares of the transportation company’s stock valued at $773,686,000 after purchasing an additional 4,114,395 shares in the last quarter. Bank of New York Mellon Corp grew its position in CSX by 22.3% during the first quarter. Bank of New York Mellon Corp now owns 10,380,043 shares of the transportation company’s stock valued at $483,191,000 after purchasing an additional 1,896,101 shares in the last quarter. Geode Capital Management LLC grew its position in CSX by 7.6% during the first quarter. Geode Capital Management LLC now owns 9,175,880 shares of the transportation company’s stock valued at $426,540,000 after purchasing an additional 648,154 shares in the last quarter. Finally, Brahman Capital Corp. purchased a new position in CSX during the first quarter valued at approximately $257,229,000. Institutional investors and hedge funds own 69.80% of the company’s stock.
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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