CSX Corporation (NASDAQ:CSX) Rating Reiterated by Credit Suisse Group
CSX Corporation (NASDAQ:CSX)‘s stock had its “buy” rating reaffirmed by equities research analysts at Credit Suisse Group in a note issued to investors on Friday. They currently have a $65.00 price target on the transportation company’s stock. Credit Suisse Group’s target price would indicate a potential upside of 19.00% from the company’s previous close.
A number of other brokerages also recently issued reports on CSX. BidaskClub upgraded shares of CSX Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Zacks Investment Research upgraded shares of CSX Corporation from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, July 11th. Royal Bank Of Canada restated a “buy” rating and set a $65.00 price target on shares of CSX Corporation in a report on Wednesday, July 12th. Bank of America Corporation restated a “buy” rating and set a $65.00 price target (up previously from $56.00) on shares of CSX Corporation in a report on Tuesday, June 6th. Finally, Stifel Nicolaus restated a “hold” rating on shares of CSX Corporation in a report on Friday, June 30th. Ten research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. CSX Corporation presently has a consensus rating of “Buy” and a consensus price target of $52.85.
Shares of CSX Corporation (CSX) opened at 54.62 on Friday. CSX Corporation has a one year low of $27.46 and a one year high of $55.48. The company has a market capitalization of $50.40 billion, a PE ratio of 29.81 and a beta of 1.32. The stock has a 50 day moving average price of $52.87 and a 200 day moving average price of $47.32.
CSX Corporation (NASDAQ:CSX) last announced its quarterly earnings results on Wednesday, April 19th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.08. The business had revenue of $2.87 billion during the quarter, compared to the consensus estimate of $2.76 billion. CSX Corporation had a net margin of 15.19% and a return on equity of 15.67%. The business’s revenue was up 9.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.37 EPS. On average, equities research analysts predict that CSX Corporation will post $2.30 earnings per share for the current year.
CSX Corporation announced that its board has initiated a stock buyback program on Thursday, April 20th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the transportation company to repurchase up to 2.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In other news, CEO E Hunter Harrison acquired 300,000 shares of the firm’s stock in a transaction dated Monday, April 24th. The stock was acquired at an average cost of $50.20 per share, with a total value of $15,060,000.00. Following the transaction, the chief executive officer now owns 300,000 shares in the company, valued at $15,060,000. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.79% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in CSX. Brahman Capital Corp. purchased a new stake in CSX Corporation during the first quarter valued at about $257,229,000. Blue Ridge Capital L.L.C. purchased a new stake in CSX Corporation during the first quarter valued at about $225,162,000. Janus Capital Management LLC boosted its stake in 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 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 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. 69.28% of the stock is owned by institutional investors and hedge funds.
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.
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