CSX (NASDAQ:CSX) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

CSX (NASDAQ:CSX) announced its earnings results on Wednesday. The transportation company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01, Briefing.com reports. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.66 billion. CSX had a net margin of 24.75% and a return on equity of 29.88%. CSX’s revenue was down .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.48 EPS.

CSX Price Performance

Shares of NASDAQ:CSX traded down $0.08 during midday trading on Friday, hitting $34.31. The stock had a trading volume of 3,092,963 shares, compared to its average volume of 11,983,960. The company’s 50-day moving average price is $36.93 and its 200-day moving average price is $34.32. The company has a market capitalization of $67.16 billion, a P/E ratio of 18.90, a price-to-earnings-growth ratio of 1.97 and a beta of 1.18. The company has a quick ratio of 0.91, a current ratio of 1.05 and a debt-to-equity ratio of 1.48. CSX has a fifty-two week low of $29.03 and a fifty-two week high of $40.12.

CSX Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, February 28th. This is a boost from CSX’s previous quarterly dividend of $0.11. This represents a $0.48 annualized dividend and a dividend yield of 1.40%. CSX’s payout ratio is presently 26.37%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CSX. Susquehanna lifted their target price on shares of CSX from $42.00 to $44.00 and gave the stock a “positive” rating in a report on Thursday, March 28th. Benchmark reaffirmed a “buy” rating and set a $40.00 target price on shares of CSX in a report on Thursday. Bank of America reduced their target price on shares of CSX from $40.00 to $39.00 and set a “buy” rating for the company in a report on Thursday. UBS Group reduced their target price on shares of CSX from $46.00 to $44.00 and set a “buy” rating for the company in a report on Thursday. Finally, StockNews.com downgraded shares of CSX from a “buy” rating to a “hold” rating in a report on Wednesday, January 31st. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $37.72.

Hedge Funds Weigh In On CSX

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bornite Capital Management LP acquired a new position in CSX during the 1st quarter worth approximately $14,980,000. Mirae Asset Global Investments Co. Ltd. increased its position in CSX by 6.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,158,544 shares of the transportation company’s stock worth $230,637,000 after purchasing an additional 347,514 shares in the last quarter. Blair William & Co. IL increased its position in CSX by 12.7% during the 1st quarter. Blair William & Co. IL now owns 122,334 shares of the transportation company’s stock worth $4,581,000 after purchasing an additional 13,829 shares in the last quarter. Sei Investments Co. increased its position in CSX by 4.5% during the 1st quarter. Sei Investments Co. now owns 195,872 shares of the transportation company’s stock worth $7,361,000 after purchasing an additional 8,488 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in CSX by 16.8% during the 1st quarter. Cetera Investment Advisers now owns 71,521 shares of the transportation company’s stock worth $2,678,000 after purchasing an additional 10,276 shares in the last quarter. 73.57% of the stock is currently owned by institutional investors and hedge funds.

About CSX

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.