CSX (NASDAQ:CSX) Price Target Cut to $55.00 by Analysts at Bank of America

CSX (NASDAQ:CSX) had its target price reduced by research analysts at Bank of America from $56.00 to $55.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the transportation company’s stock. Bank of America‘s price target would indicate a potential upside of 16.27% from the stock’s current price.

Several other research analysts have also recently weighed in on CSX. Wall Street Zen cut shares of CSX from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Argus set a $56.00 target price on CSX in a research report on Friday, July 31st. Evercore set a $51.00 target price on CSX in a research note on Thursday, July 23rd. BMO Capital Markets reissued a “market perform” rating and set a $52.00 price target (up from $49.00) on shares of CSX in a report on Thursday, July 23rd. Finally, Truist Financial set a $46.00 price target on CSX in a research note on Friday, July 10th. Eighteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.28.

CSX Stock Down 1.2%

NASDAQ CSX traded down $0.59 during trading hours on Friday, hitting $47.30. 7,661,684 shares of the company traded hands, compared to its average volume of 12,607,869. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The business’s 50-day moving average is $50.19 and its 200-day moving average is $46.32. The stock has a market capitalization of $87.63 billion, a price-to-earnings ratio of 27.32, a P/E/G ratio of 2.25 and a beta of 1.21. CSX has a twelve month low of $32.84 and a twelve month high of $53.60.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 EPS. Sell-side analysts anticipate that CSX will post 2 earnings per share for the current year.

Insider Activity

In other news, CAO Angela Williams sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $53.29, for a total value of $1,598,700.00. Following the completion of the transaction, the chief accounting officer owned 10,437 shares of the company’s stock, valued at $556,187.73. This represents a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Michael Burns sold 13,000 shares of the firm’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 transaction, the senior vice president directly owned 59,643 shares of the company’s stock, valued at $3,141,993.24. The trade was a 17.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On CSX

Several large investors have recently added to or reduced their stakes in the business. Washington Trust Advisors Inc. lifted its holdings in CSX by 7.2% during the 2nd quarter. Washington Trust Advisors Inc. now owns 3,142 shares of the transportation company’s stock worth $149,000 after buying an additional 211 shares in the last quarter. Arlington Trust Co LLC boosted its position in CSX by 58.0% in the 2nd quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock valued at $32,000 after buying an additional 250 shares during the period. Greenleaf Trust grew its stake in shares of CSX by 0.4% in the second quarter. Greenleaf Trust now owns 69,023 shares of the transportation company’s stock worth $3,281,000 after acquiring an additional 263 shares in the last quarter. Syon Capital LLC grew its stake in shares of CSX by 1.0% in the fourth quarter. Syon Capital LLC now owns 28,316 shares of the transportation company’s stock worth $1,026,000 after acquiring an additional 287 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its position in shares of CSX by 1.7% during the second quarter. Parkside Financial Bank & Trust now owns 18,038 shares of the transportation company’s stock worth $874,000 after acquiring an additional 300 shares during the period. Institutional investors and hedge funds own 73.57% of the company’s stock.

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.