Share Repurchase Plan Announced by CSX (CSX) Board

CSX (NASDAQ:CSX) announced that its board has initiated a share buyback plan, which allows the company to repurchase $5.00 billion in shares on Monday, February 12th, EventVestor reports. This repurchase authorization allows the transportation company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

A number of brokerages have recently weighed in on CSX. BidaskClub upgraded CSX from a “hold” rating to a “buy” rating in a research note on Wednesday, January 10th. UBS Group set a $68.00 target price on CSX and gave the stock a “buy” rating in a research note on Sunday, December 3rd. Goldman Sachs Group began coverage on CSX in a research note on Monday, November 13th. They set a “sell” rating and a $45.00 target price on the stock. Credit Suisse Group increased their target price on CSX from $60.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 18th. Finally, Zacks Investment Research upgraded CSX from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Friday, January 19th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seventeen have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $60.23.

CSX (NASDAQ:CSX) traded up $0.40 during trading on Wednesday, reaching $53.56. The company’s stock had a trading volume of 7,490,800 shares, compared to its average volume of 7,230,628. CSX has a 12-month low of $45.41 and a 12-month high of $60.04. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.81 and a current ratio of 1.01. The company has a market cap of $48,030.00, a price-to-earnings ratio of 8.95, a PEG ratio of 1.28 and a beta of 1.26.

CSX (NASDAQ:CSX) last posted its quarterly earnings data on Tuesday, January 16th. The transportation company reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.08. CSX had a return on equity of 17.16% and a net margin of 47.96%. The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.89 billion. During the same quarter last year, the company earned $0.49 EPS. The company’s revenue was down 5.7% on a year-over-year basis. equities analysts expect that CSX will post 3.11 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Wednesday, February 28th. This is a positive change from CSX’s previous quarterly dividend of $0.20. CSX’s dividend payout ratio (DPR) is 13.22%.

In related news, Director Gary Keith Anderson acquired 5,000 shares of the stock in a transaction on Friday, November 24th. The shares were purchased at an average price of $2,300.00 per share, for a total transaction of $11,500,000.00. 4.79% of the stock is owned by company insiders.

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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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