CSX Corporation (CSX) Downgraded by Zacks Investment Research
CSX Corporation (NASDAQ:CSX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Shares of CSX Corporation have underperformed in the last three months. The stock gained 0.4%, while the industry appreciated 4.3%. The company’s third-quarter outlook on its automotive unit raises concerns. Going forward, sluggish auto production is likely to hurt results. The weak crude oil scenario also remains a major concern. Moreover, frequent management changes might shake investor confidence in the stock. CSX is also a highly leveraged company. However, its improved efficiencies and cost control efforts raise optimism in the stock. In fact, the company expects bottom line to expand by 25% in 2017.”
Other research analysts have also issued research reports about the stock. J P Morgan Chase & Co reduced their price objective on shares of CSX Corporation from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, July 20th. BidaskClub downgraded shares of CSX Corporation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. TD Securities dropped their target price on shares of CSX Corporation from $64.00 to $63.00 and set a “buy” rating on the stock in a research report on Thursday, July 20th. UBS AG reissued a “buy” rating and set a $63.00 target price on shares of CSX Corporation in a research report on Saturday, July 22nd. Finally, Stifel Nicolaus reissued a “hold” rating and set a $57.00 target price (up previously from $50.00) on shares of CSX Corporation in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nineteen have assigned a buy rating to the stock. CSX Corporation currently has a consensus rating of “Buy” and a consensus target price of $54.13.
CSX Corporation (CSX) traded up 0.7127% during midday trading on Tuesday, hitting $53.7101. 1,408,286 shares of the stock were exchanged. The company has a market cap of $49.05 billion, a PE ratio of 28.0911 and a beta of 1.30. The firm’s 50 day moving average price is $50.16 and its 200 day moving average price is $50.73. CSX Corporation has a 12 month low of $29.32 and a 12 month high of $55.48.
CSX Corporation (NASDAQ:CSX) last posted its quarterly earnings data on Tuesday, July 18th. The transportation company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $2.93 billion during the quarter, compared to analyst estimates 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 was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.47 EPS. On average, equities research analysts forecast that CSX Corporation will post $2.23 earnings per share for the current fiscal year.
CSX Corporation announced that its Board of Directors has initiated a share buyback plan on Tuesday, July 18th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the transportation company to buy up to 1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
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In other news, Director Ridge Lp Mantle acquired 1,357,000 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was purchased at an average price of $51.59 per share, with a total value of $70,007,630.00. Following the completion of the acquisition, the director now owns 106 shares of the company’s stock, valued at approximately $5,468.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.79% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Assetmark Inc. grew its holdings in shares of CSX Corporation by 8.7% in the first quarter. Assetmark Inc. now owns 2,186 shares of the transportation company’s stock valued at $102,000 after purchasing an additional 175 shares during the period. Gradient Investments LLC grew its holdings in shares of CSX Corporation by 38.1% in the second quarter. Gradient Investments LLC now owns 1,954 shares of the transportation company’s stock valued at $107,000 after purchasing an additional 539 shares during the period. Parallel Advisors LLC grew its holdings in shares of CSX Corporation by 14.9% in the second quarter. Parallel Advisors LLC now owns 2,194 shares of the transportation company’s stock valued at $108,000 after purchasing an additional 285 shares during the period. Reilly Financial Advisors LLC grew its holdings in shares of CSX Corporation by 33.1% in the second quarter. Reilly Financial Advisors LLC now owns 2,012 shares of the transportation company’s stock valued at $110,000 after purchasing an additional 500 shares during the period. Finally, LBA Wealth Management LLC grew its holdings in shares of CSX Corporation by 323.1% in the first quarter. LBA Wealth Management LLC now owns 2,619 shares of the transportation company’s stock valued at $122,000 after purchasing an additional 2,000 shares during the period. 69.82% of the stock is owned by hedge funds and other institutional investors.
CSX Corporation Company Profile
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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