CSX (NASDAQ:CSX – Free Report) had its price objective lowered by Bank of America from $56.00 to $55.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the transportation company’s stock.
Other equities research analysts have also issued reports about the stock. Citizens Jmp began coverage on shares of CSX in a report on Wednesday, July 15th. They issued a “market perform” rating on the stock. Weiss Ratings raised shares of CSX from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. TD Cowen lifted their price target on CSX from $46.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Wells Fargo & Company upped their price target on CSX from $50.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, July 8th. Finally, Barclays reiterated an “overweight” rating and set a $60.00 price target (up from $55.00) on shares of CSX in a research report on Thursday, July 23rd. Eighteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, CSX presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.28.
Get Our Latest Stock Analysis on CSX
CSX Stock Performance
CSX (NASDAQ:CSX – Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. CSX had a net margin of 22.21% and a return on equity of 24.98%. The company had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. During the same quarter in the prior year, the company earned $0.44 EPS. CSX’s quarterly revenue was up 10.1% on a year-over-year basis. Sell-side analysts anticipate that CSX will post 2 EPS for the current year.
CSX Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Monday, August 31st. CSX’s payout ratio is 32.37%.
Insiders Place Their Bets
In other news, SVP Michael Burns sold 13,000 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $52.68, for a total transaction of $684,840.00. Following the completion of the sale, the senior vice president owned 59,643 shares of the company’s stock, valued at $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Angela Williams sold 30,000 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $53.29, for a total transaction of $1,598,700.00. Following the completion of the sale, the chief accounting officer owned 10,437 shares of the company’s stock, valued at $556,187.73. This trade represents a 74.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.30% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in CSX. BlackRock Inc. acquired a new stake in shares of CSX in the second quarter valued at approximately $7,655,277,000. XXEC Inc. acquired a new position in CSX during the second quarter worth $765,595,000. Bank of America Corp DE acquired a new position in CSX during the second quarter worth $1,598,962,000. Bank of New York Mellon Corp purchased a new stake in CSX in the 2nd quarter valued at $950,325,000. Finally, Legal & General Group Plc purchased a new stake in CSX in the 2nd quarter valued at $747,001,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.
CSX Company Profile
CSX Corporation (NASDAQ: CSX) is a transportation company that operates one of the largest rail networks in the eastern United States. Through its CSX Transportation subsidiary, the company provides rail freight transportation and logistics services for manufacturers, distributors, utilities, agricultural businesses and other commercial customers.
CSX transports a broad range of products, including chemicals, agricultural and food products, minerals, forest products, metals, automobiles and consumer goods.
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