CSX (NASDAQ:CSX) Price Target Cut to $57.00 by Analysts at JPMorgan Chase & Co.

CSX (NASDAQ:CSX) had its target price cut by JPMorgan Chase & Co. from $58.00 to $57.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the transportation company’s stock.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company raised their price target on CSX from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, July 8th. Stifel Nicolaus set a $54.00 price target on shares of CSX in a report on Thursday, July 23rd. Citigroup lifted their price objective on shares of CSX from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Citizens Jmp started coverage on shares of CSX in a research note on Wednesday, July 15th. They set a “market perform” rating for the company. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $52.00 price objective (up from $49.00) on shares of CSX in a report on Thursday, July 23rd. Eighteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.09.

CSX Stock Performance

CSX stock opened at $47.43 on Monday. The company has a market capitalization of $87.86 billion, a PE ratio of 27.42, a P/E/G ratio of 2.23 and a beta of 1.21. CSX has a 12 month low of $33.63 and a 12 month high of $53.60. The firm’s 50-day moving average is $49.28 and its 200 day moving average is $46.82. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.82 and a quick ratio of 0.72.

CSX (NASDAQ:CSX) last announced its quarterly earnings data on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share 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 analyst estimates of $3.89 billion. CSX had a net margin of 22.21% and a return on equity of 24.98%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the business posted $0.44 EPS. On average, research analysts anticipate that CSX will post 2 EPS for the current year.

CSX Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Monday, August 31st were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, August 31st. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.2%. CSX’s payout ratio is 32.37%.

Insider Buying and Selling

In related news, SVP Michael Burns sold 13,000 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $52.68, for a total value of $684,840.00. Following the transaction, the senior vice president owned 59,643 shares in the company, valued at approximately $3,141,993.24. This represents a 17.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Angela Williams sold 30,000 shares of the firm’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 transaction of $1,598,700.00. Following the transaction, the chief accounting officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CSX

Large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of CSX in the second quarter worth about $7,655,277,000. Bank of America Corp DE purchased a new position in shares of CSX in the 2nd quarter valued at about $1,598,962,000. Bank of New York Mellon Corp purchased a new position in shares of CSX in the 2nd quarter valued at about $950,325,000. XXEC Inc. acquired a new position in shares of CSX during the 2nd quarter worth approximately $765,595,000. Finally, Legal & General Group Plc acquired a new position in CSX during the second quarter worth $747,001,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

CSX Company Profile

CSX Corporation (NASDAQ:CSX) is a transportation company that provides rail-based freight services through its principal subsidiary, CSX Transportation. The company moves a broad range of products, including agricultural and food products, chemicals, minerals, forest products, metals, automotive shipments, and consumer goods.

CSX also provides intermodal transportation, connecting rail shipments with trucks, ports, and distribution facilities. Its network serves the eastern United States and reaches parts of Canada, linking major industrial regions, population centers, manufacturing locations, and Atlantic and Gulf Coast ports.

CSX traces its history to the 1980 merger of Chessie System and Seaboard Coast Line Industries.