TD Securities Lowers CSX Corporation (CSX) Price Target to $63.00

CSX Corporation (NASDAQ:CSX) had its target price reduced by stock analysts at TD Securities from $64.00 to $63.00 in a report issued on Thursday. The firm presently has a “buy” rating on the transportation company’s stock. TD Securities’ target price would suggest a potential upside of 23.85% from the stock’s previous close.

Several other equities analysts have also commented on the company. UBS AG reaffirmed a “buy” rating and issued a $60.00 target price (up from $57.00) on shares of CSX Corporation in a research report on Monday, April 24th. BidaskClub lowered CSX Corporation from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. J P Morgan Chase & Co cut their target price on CSX Corporation from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday. Credit Suisse Group upped their target price on CSX Corporation from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Friday, May 26th. Finally, Cowen and Company reaffirmed a “market perform” rating and issued a $54.00 target price (up from $48.00) on shares of CSX Corporation in a research report on Sunday, April 23rd. Ten equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. CSX Corporation currently has an average rating of “Buy” and an average price target of $53.01.

Shares of CSX Corporation (NASDAQ:CSX) traded down 1.93% during mid-day trading on Thursday, hitting $50.87. 22,289,956 shares of the stock traded hands. CSX Corporation has a one year low of $27.46 and a one year high of $55.48. The stock has a 50 day moving average price of $53.86 and a 200-day moving average price of $49.10. The company has a market cap of $46.94 billion, a P/E ratio of 27.77 and a beta of 1.32. CSX Corporation also was the recipient of unusually large options trading on Wednesday. Stock traders bought 17,617 put options on the stock. This is an increase of 574% compared to the average volume of 2,612 put options.

CSX Corporation (NASDAQ:CSX) last released its quarterly earnings results 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 for the quarter, compared to analyst estimates of $2.85 billion. CSX Corporation had a return on equity of 16.90% and a net margin of 15.46%. CSX Corporation’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.47 EPS. On average, analysts forecast that CSX Corporation will post $2.30 earnings per share for the current fiscal year.

CSX Corporation announced that its board has authorized a stock repurchase program on Thursday, April 20th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the transportation company to repurchase up to 2.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

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In other CSX Corporation news, CEO E Hunter Harrison bought 300,000 shares of the business’s stock in a transaction on Monday, April 24th. The stock was purchased at an average cost of $50.20 per share, for a total transaction of $15,060,000.00. Following the completion of the purchase, the chief executive officer now directly owns 300,000 shares of the company’s stock, valued at $15,060,000. The acquisition was disclosed in a filing with the SEC, which is available at this link. 4.79% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in CSX. Lincoln Capital Corp bought a new stake in CSX Corporation during the fourth quarter worth $4,602,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in CSX Corporation during the fourth quarter worth $2,695,000. Wealthfront Inc. increased its stake in CSX Corporation by 14.9% in the fourth quarter. Wealthfront Inc. now owns 16,838 shares of the transportation company’s stock worth $605,000 after buying an additional 2,180 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in CSX Corporation by 6.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,799,536 shares of the transportation company’s stock worth $100,589,000 after buying an additional 162,070 shares during the last quarter. Finally, Jackson Grant Investment Advisers Inc. increased its stake in CSX Corporation by 0.3% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 9,519 shares of the transportation company’s stock worth $342,000 after buying an additional 25 shares during the last quarter. Institutional investors own 69.28% of the company’s stock.

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.