JPMorgan Chase & Co. Cuts CSX (NASDAQ:CSX) Price Target to $40.00

CSX (NASDAQ:CSX) had its price target lowered by JPMorgan Chase & Co. from $41.00 to $40.00 in a research note released on Wednesday, MarketBeat reports. JPMorgan Chase & Co. currently has an overweight rating on the transportation company’s stock.

Several other research firms have also commented on CSX. Raymond James Financial raised their price target on shares of CSX from $33.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, July 15th. 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 note on Thursday, September 25th. UBS Group raised their price objective on CSX from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Robert W. Baird cut their price objective on CSX from $44.00 to $39.00 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Finally, Sanford C. Bernstein raised their target price on CSX from $36.00 to $37.00 and gave the company a “market perform” rating in a report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, CSX presently has an average rating of “Moderate Buy” and an average target price of $38.26.

CSX Trading Down 1.6%

Shares of CSX opened at $35.49 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.63 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $66.16 billion, a P/E ratio of 21.91, a price-to-earnings-growth ratio of 2.81 and a beta of 1.29. The stock’s fifty day simple moving average is $34.29 and its 200 day simple moving average is $32.19. CSX has a twelve month low of $26.22 and a twelve month high of $37.25.

CSX (NASDAQ:CSX) last issued its earnings results on Wednesday, July 23rd. The transportation company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.57 billion. CSX had a return on equity of 25.48% and a net margin of 21.92%.The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period last year, the company posted $0.49 EPS. On average, equities research analysts forecast that CSX will post 1.83 earnings per share for the current year.

CSX Announces Dividend

The firm also recently disclosed 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 is Friday, November 28th. This represents a $0.52 annualized dividend and a yield of 1.5%. CSX’s payout ratio is currently 32.10%.

Institutional Investors Weigh In On CSX

Several hedge funds and other institutional investors have recently bought and sold shares of CSX. Associated Banc Corp raised its holdings in CSX by 0.9% in the first quarter. Associated Banc Corp now owns 40,384 shares of the transportation company’s stock valued at $1,189,000 after acquiring an additional 356 shares in the last quarter. LRI Investments LLC increased its position in shares of CSX by 4.8% in the 1st quarter. LRI Investments LLC now owns 8,254 shares of the transportation company’s stock worth $243,000 after purchasing an additional 375 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of CSX by 1.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 27,329 shares of the transportation company’s stock worth $796,000 after purchasing an additional 380 shares during the last quarter. Stock Yards Bank & Trust Co. increased its position in shares of CSX by 0.9% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 45,558 shares of the transportation company’s stock worth $1,487,000 after purchasing an additional 400 shares during the last quarter. Finally, Sagespring Wealth Partners LLC increased its position in shares of CSX by 3.3% in the 1st quarter. Sagespring Wealth Partners LLC now owns 13,087 shares of the transportation company’s stock worth $385,000 after purchasing an additional 415 shares during the last quarter. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

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.