CSX Corporation (CSX) Expected to Announce Quarterly Sales of $2.80 Billion
Equities analysts expect CSX Corporation (NASDAQ:CSX) to report sales of $2.80 billion for the current quarter, Zacks reports. Seven analysts have made estimates for CSX Corporation’s earnings, with the highest sales estimate coming in at $2.89 billion and the lowest estimate coming in at $2.74 billion. CSX Corporation posted sales of $2.71 billion in the same quarter last year, which suggests a positive year over year growth rate of 3.3%. The company is expected to issue its next earnings report before the market opens on Tuesday, October 17th.
On average, analysts expect that CSX Corporation will report full-year sales of $2.80 billion for the current year, with estimates ranging from $11.32 billion to $11.67 billion. For the next financial year, analysts anticipate that the business will post sales of $11.83 billion per share, with estimates ranging from $11.57 billion to $12.16 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for CSX Corporation.
CSX Corporation (NASDAQ:CSX) last announced its earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.85 billion. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. CSX Corporation’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the firm posted $0.47 earnings per share.
CSX has been the subject of several recent analyst reports. BidaskClub upgraded CSX Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, September 12th. TD Securities dropped their price target on CSX Corporation from $64.00 to $63.00 and set a “buy” rating for the company in a research note on Thursday, July 20th. Royal Bank Of Canada restated a “buy” rating and issued a $65.00 price target on shares of CSX Corporation in a research note on Wednesday, July 12th. Morgan Stanley downgraded CSX Corporation from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $44.00 to $43.00 in a research note on Monday, October 2nd. Finally, Stifel Nicolaus restated a “hold” rating and issued a $55.00 price target (down from $57.00) on shares of CSX Corporation in a research note on Thursday, September 7th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $54.09.
Shares of CSX Corporation (CSX) opened at 52.39 on Wednesday. CSX Corporation has a 52 week low of $30.01 and a 52 week high of $55.48. The company has a 50-day moving average of $51.59 and a 200-day moving average of $51.33. The stock has a market capitalization of $47.85 billion, a P/E ratio of 27.40 and a beta of 1.35.
CSX Corporation announced that its board has authorized a share repurchase program on Tuesday, July 18th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the transportation company to buy up to 1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.53%. CSX Corporation’s payout ratio is 41.88%.
In other CSX Corporation news, Director Ridge Lp Mantle bought 1,357,000 shares of CSX Corporation stock in a transaction on 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 purchase, the director now directly owns 106 shares in the company, valued at approximately $5,468.54. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.79% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Assetmark Inc. grew its position in shares of CSX Corporation by 8.7% during the 1st quarter. Assetmark Inc. now owns 2,186 shares of the transportation company’s stock worth $102,000 after buying an additional 175 shares in the last quarter. Gradient Investments LLC grew its position in shares of CSX Corporation by 38.1% during the 2nd quarter. Gradient Investments LLC now owns 1,954 shares of the transportation company’s stock worth $107,000 after buying an additional 539 shares in the last quarter. Parallel Advisors LLC grew its position in shares of CSX Corporation by 14.9% during the 2nd quarter. Parallel Advisors LLC now owns 2,194 shares of the transportation company’s stock worth $108,000 after buying an additional 285 shares in the last quarter. Reilly Financial Advisors LLC grew its position in shares of CSX Corporation by 33.1% during the 2nd quarter. Reilly Financial Advisors LLC now owns 2,012 shares of the transportation company’s stock worth $110,000 after buying an additional 500 shares in the last quarter. Finally, LBA Wealth Management LLC grew its position in shares of CSX Corporation by 323.1% during the 1st quarter. LBA Wealth Management LLC now owns 2,619 shares of the transportation company’s stock worth $122,000 after buying an additional 2,000 shares in the last quarter. 69.83% of the stock is currently owned by institutional investors and hedge funds.
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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