CSX Corporation (NASDAQ:CSX) Lowered to Hold at BidaskClub

CSX Corporation (NASDAQ:CSX) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Tuesday, July 25th.

Other equities research analysts have also issued reports about the stock. UBS AG raised shares of CSX Corporation from a “market perform” rating to an “outperform” rating in a report on Friday, April 21st. J P Morgan Chase & Co reduced their target price on shares of CSX Corporation from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, July 20th. Zacks Investment Research lowered shares of CSX Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 21st. TD Securities reduced their target price on shares of CSX Corporation from $64.00 to $63.00 and set a “buy” rating on the stock in a report on Thursday, July 20th. Finally, Credit Suisse Group boosted their target price on shares of CSX Corporation from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Friday, May 26th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $53.74.

Shares of CSX Corporation (CSX) traded up 1.05% during trading on Tuesday, hitting $50.14. 7,443,222 shares of the stock were exchanged. CSX Corporation has a 52 week low of $27.82 and a 52 week high of $55.48. The firm has a market capitalization of $45.79 billion, a P/E ratio of 26.22 and a beta of 1.30. The firm has a 50 day moving average price of $52.99 and a 200 day moving average price of $49.96.

CSX Corporation (NASDAQ:CSX) last announced its quarterly earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $2.93 billion for 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%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.47 EPS. Analysts forecast that CSX Corporation will post $2.30 EPS for the current fiscal year.

CSX Corporation declared that its board has authorized a stock buyback plan on Thursday, April 20th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the transportation company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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In related news, Director Ridge Lp Mantle purchased 1,357,000 shares of CSX Corporation stock in a transaction that occurred on Friday, July 21st. The stock was bought at an average price of $51.59 per share, for a total transaction of $70,007,630.00. Following the completion of the transaction, the director now owns 106 shares in the company, valued at $5,468.54. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.79% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. ARGI Investment Services LLC acquired a new stake in CSX Corporation during the second quarter valued at approximately $208,000. BKS Advisors LLC acquired a new stake in CSX Corporation during the second quarter valued at approximately $221,000. Parallel Advisors LLC increased its stake in 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 buying an additional 285 shares during the period. Essex Financial Services Inc. increased its stake in CSX Corporation by 163.0% in the second quarter. Essex Financial Services Inc. now owns 15,158 shares of the transportation company’s stock valued at $827,000 after buying an additional 9,395 shares during the period. Finally, Tocqueville Asset Management L.P. acquired a new stake in CSX Corporation during the second quarter valued at approximately $4,126,000. 70.02% of the stock is currently owned by institutional investors and hedge funds.

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.