$2.91 Billion in Sales Expected for CSX Corporation (CSX) This Quarter
Equities analysts predict that CSX Corporation (NASDAQ:CSX) will announce sales of $2.91 billion for the current quarter, Zacks reports. Seven analysts have provided estimates for CSX Corporation’s earnings, with the highest sales estimate coming in at $3.07 billion and the lowest estimate coming in at $2.84 billion. CSX Corporation posted sales of $3.04 billion in the same quarter last year, which would indicate a negative year over year growth rate of 4.3%. The firm is scheduled to report its next quarterly earnings report on Tuesday, January 16th.
According to Zacks, analysts expect that CSX Corporation will report full-year sales of $2.91 billion for the current year, with estimates ranging from $11.33 billion to $11.61 billion. For the next year, analysts anticipate that the firm will report sales of $11.79 billion per share, with estimates ranging from $11.54 billion to $12.11 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for CSX Corporation.
CSX Corporation (NASDAQ:CSX) last announced its quarterly earnings data on Tuesday, October 17th. The transportation company reported $0.51 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.77 billion. CSX Corporation had a return on equity of 17.28% and a net margin of 15.45%. The company’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.48 earnings per share.
CSX has been the subject of a number of analyst reports. BidaskClub cut CSX Corporation from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Credit Suisse Group restated a “buy” rating and issued a $65.00 price target on shares of CSX Corporation in a report on Friday, July 14th. Royal Bank Of Canada restated a “buy” rating and issued a $65.00 price target on shares of CSX Corporation in a report on Wednesday, July 12th. Zacks Investment Research upgraded CSX Corporation from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a report on Tuesday, July 11th. Finally, TD Securities cut their price target on CSX Corporation from $64.00 to $63.00 and set a “buy” rating on the stock in a report on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $56.76.
Several hedge funds have recently modified their holdings of CSX. Brahman Capital Corp. bought a new stake in shares of CSX Corporation in the first quarter valued at approximately $257,229,000. Blue Ridge Capital L.L.C. bought a new stake in shares of CSX Corporation in the first quarter valued at approximately $225,162,000. Janus Capital Management LLC boosted its stake 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 valued at $773,686,000 after buying an additional 4,114,395 shares during the period. Thrivent Financial For Lutherans boosted its stake in shares of CSX Corporation by 252.3% in the first quarter. Thrivent Financial For Lutherans now owns 4,769,577 shares of the transportation company’s stock valued at $222,004,000 after buying an additional 3,415,705 shares during the period. Finally, OZ Management LP boosted its stake in shares of CSX Corporation by 266.3% in the first quarter. OZ Management LP now owns 4,094,353 shares of the transportation company’s stock valued at $190,592,000 after buying an additional 2,976,497 shares during the period. Institutional investors and hedge funds own 71.17% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This article was first published by American Banking News and is owned by of American Banking News. If you are reading this article on another website, it was stolen and reposted in violation of United States & international copyright legislation. The correct version of this article can be read at https://www.americanbankingnews.com/2017/10/30/2-91-billion-in-sales-expected-for-csx-corporation-csx-this-quarter.html.
Shares of CSX Corporation (NASDAQ:CSX) opened at 52.54 on Monday. The stock has a 50 day moving average price of $52.90 and a 200 day moving average price of $51.85. CSX Corporation has a one year low of $30.01 and a one year high of $55.48. The firm has a market cap of $47.60 billion, a price-to-earnings ratio of 27.08 and a beta of 1.35.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.52%. CSX Corporation’s payout ratio is 41.24%.
CSX Corporation announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, July 18th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the transportation company to purchase up to 1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for CSX Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CSX Corporation and related companies with MarketBeat.com's FREE daily email newsletter.