CSX Co. (CSX) Price Target Cut to $60.00 by Analysts at Credit Suisse Group
CSX Co. (NASDAQ:CSX) had its price objective reduced by equities research analysts at Credit Suisse Group from $61.00 to $60.00 in a report issued on Thursday. The firm currently has an “outperform” rating on the transportation company’s stock. Credit Suisse Group’s target price suggests a potential upside of 19.50% from the company’s previous close.
A number of other brokerages have also recently commented on CSX. Zacks Investment Research cut CSX from a “buy” rating to a “hold” rating in a research report on Friday, July 21st. J P Morgan Chase & Co decreased their price objective on CSX from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, July 20th. Royal Bank Of Canada decreased their price objective on CSX from $65.00 to $64.00 and set an “outperform” rating on the stock in a research note on Thursday. BidaskClub lowered CSX from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 19th. Finally, TD Securities decreased their price objective on CSX from $64.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, July 20th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty have assigned a buy rating to the stock. CSX has an average rating of “Buy” and a consensus target price of $53.47.
Shares of CSX (NASDAQ CSX) traded up 0.50% during trading on Thursday, hitting $50.46. The company had a trading volume of 1,030,167 shares. CSX has a 12-month low of $27.89 and a 12-month high of $55.48. The stock has a 50-day moving average of $49.91 and a 200 day moving average of $50.52. The stock has a market capitalization of $46.09 billion, a price-to-earnings ratio of 26.39 and a beta of 1.30. CSX also saw some unusual options trading on Tuesday. Investors purchased 13,300 call options on the stock. This is an increase of approximately 387% compared to the typical daily volume of 2,733 call options.
CSX (NASDAQ:CSX) last announced its earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.05. The company had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.85 billion. CSX had a return on equity of 17.60% and a net margin of 17.39%. CSX’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 earnings per share. On average, analysts predict that CSX will post $2.28 EPS for the current fiscal year.
CSX declared that its board has initiated a share repurchase program on Tuesday, July 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the transportation company to repurchase up to 1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
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In related news, Director Ridge Lp Mantle bought 1,357,000 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was bought at an average cost of $51.59 per share, for a total transaction of $70,007,630.00. Following the acquisition, the director now directly owns 106 shares of the company’s stock, valued at approximately $5,468.54. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.79% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC boosted its holdings in CSX by 29.5% during the 2nd quarter. Lord Abbett & CO. LLC now owns 2,479,799 shares of the transportation company’s stock valued at $135,298,000 after acquiring an additional 565,529 shares during the period. Advisory Services Network LLC boosted its holdings in CSX by 2.6% during the 2nd quarter. Advisory Services Network LLC now owns 21,741 shares of the transportation company’s stock valued at $1,186,000 after acquiring an additional 557 shares during the period. Piedmont Investment Advisors LLC boosted its holdings in CSX by 12.9% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 228,522 shares of the transportation company’s stock valued at $12,468,000 after acquiring an additional 26,057 shares during the period. Laurel Wealth Advisors Inc. purchased a new stake in CSX during the 2nd quarter valued at about $226,000. Finally, Cbre Clarion Securities LLC boosted its holdings in CSX by 1.7% during the 2nd quarter. Cbre Clarion Securities LLC now owns 23,500 shares of the transportation company’s stock valued at $1,282,000 after acquiring an additional 400 shares during the period. Institutional investors own 69.80% of the company’s stock.
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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