CSX (NASDAQ:CSX) Hits New 52-Week High – Here’s What Happened

CSX Corporation (NASDAQ:CSX)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $37.28 and last traded at $37.10, with a volume of 11318479 shares trading hands. The stock had previously closed at $36.37.

Wall Street Analyst Weigh In

CSX has been the topic of several research reports. Raymond James Financial restated an “outperform” rating and issued a $40.00 target price (up previously from $39.00) on shares of CSX in a research note on Friday, October 17th. Royal Bank Of Canada boosted their price objective on shares of CSX from $39.00 to $41.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Wells Fargo & Company raised shares of CSX from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $37.00 to $40.00 in a research report on Thursday, September 25th. Stephens boosted their price target on shares of CSX from $39.00 to $41.00 and gave the stock an “overweight” rating in a research report on Monday, October 6th. Finally, Susquehanna reduced their price objective on shares of CSX from $35.00 to $34.00 and set a “neutral” rating for the company in a research note on Thursday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.71.

CSX Price Performance

The company’s 50 day moving average is $35.49 and its 200-day moving average is $34.22. The firm has a market capitalization of $69.07 billion, a price-to-earnings ratio of 24.24, a P/E/G ratio of 3.10 and a beta of 1.30. The company has a current ratio of 0.85, a quick ratio of 0.71 and a debt-to-equity ratio of 1.45.

CSX (NASDAQ:CSX) last released its quarterly earnings data on Thursday, October 16th. The transportation company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. CSX had a return on equity of 24.95% and a net margin of 20.55%.The firm had revenue of $3.59 billion for the quarter, compared to analyst estimates of $3.60 billion. During the same quarter in the prior year, the company earned $0.45 earnings per share. The business’s revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts anticipate that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.52 annualized dividend and a yield of 1.4%. CSX’s dividend payout ratio (DPR) is currently 33.99%.

Insider Buying and Selling at CSX

In related news, SVP Michael S. Burns sold 24,249 shares of CSX stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $36.76, for a total transaction of $891,393.24. Following the completion of the sale, the senior vice president owned 51,640 shares of the company’s stock, valued at approximately $1,898,286.40. The trade was a 31.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Stephen F. Angel purchased 55,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was bought at an average price of $36.87 per share, for a total transaction of $2,027,850.00. Following the purchase, the chief executive officer owned 58,234 shares in the company, valued at $2,147,087.58. The trade was a 1,700.68% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 0.35% of the company’s stock.

Institutional Investors Weigh In On CSX

A number of institutional investors have recently made changes to their positions in the company. Twin Peaks Wealth Advisors LLC acquired a new position in shares of CSX in the second quarter valued at approximately $25,000. WFA of San Diego LLC acquired a new position in CSX in the 2nd quarter valued at $28,000. S Bank Fund Management Ltd acquired a new position in CSX in the 1st quarter valued at $45,000. Pinnacle Bancorp Inc. increased its position in CSX by 121.5% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 1,329 shares of the transportation company’s stock worth $47,000 after buying an additional 729 shares during the period. Finally, Sunbelt Securities Inc. acquired a new stake in shares of CSX during the third quarter worth $67,000. Institutional investors own 73.57% of the company’s stock.

CSX Company Profile

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.