CSX Corporation (CSX) Rating Lowered to Sell at BidaskClub
CSX Corporation (NASDAQ:CSX) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
CSX has been the subject of several other research reports. Loop Capital reaffirmed a “hold” rating and set a $54.00 price objective (up previously from $52.00) on shares of CSX Corporation in a research note on Saturday, July 22nd. Bank of America Corporation reaffirmed a “buy” rating and set a $65.00 price objective (up previously from $56.00) on shares of CSX Corporation in a research note on Tuesday, June 6th. Zacks Investment Research cut shares of CSX Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. UBS AG reaffirmed a “buy” rating and set a $62.00 price objective on shares of CSX Corporation in a research note on Monday, August 14th. Finally, TD Securities reaffirmed a “buy” rating and set a $64.00 price objective (up previously from $57.00) on shares of CSX Corporation in a research note on Friday, April 21st. One analyst has rated the stock with a sell rating, eleven have given a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $53.71.
Shares of CSX Corporation (NASDAQ:CSX) opened at 48.78 on Friday. The company’s 50 day moving average is $51.73 and its 200 day moving average is $50.30. The firm has a market cap of $44.55 billion, a price-to-earnings ratio of 25.51 and a beta of 1.30. CSX Corporation has a 52-week low of $27.89 and a 52-week high of $55.48.
CSX Corporation (NASDAQ:CSX) last issued its quarterly earnings data on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $2.93 billion during the quarter, compared to analysts’ expectations of $2.85 billion. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. CSX Corporation’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.47 earnings per share. Analysts anticipate that CSX Corporation will post $2.30 earnings per share for the current year.
CSX Corporation announced that its board has approved a share buyback plan on Tuesday, July 18th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the transportation company to repurchase up to 1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
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In other news, Director Ridge Lp Mantle purchased 1,357,000 shares of the 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.79% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Brahman Capital Corp. purchased a new stake in CSX Corporation during the first quarter worth approximately $257,229,000. Blue Ridge Capital L.L.C. bought a new position in shares of CSX Corporation during the first quarter valued at approximately $225,162,000. Janus Capital Management LLC raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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. Institutional investors own 70.32% of the company’s stock.
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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