CSX (NASDAQ:CSX) Shares Gap Up to $29.49

Posted by on Sep 10th, 2023

Shares of CSX Co. (NASDAQ:CSX – Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $29.49, but opened at $30.37. CSX shares last traded at $29.99, with a volume of 6,754,319 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Bank of America raised shares of CSX from a “neutral” rating to a “buy” rating and upped their target price for the stock from $34.00 to $36.00 in a report on Friday. BMO Capital Markets reissued an “outperform” rating and issued a $37.00 target price on shares of CSX in a research note on Friday, July 21st. StockNews.com initiated coverage on CSX in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Morgan Stanley reiterated an “equal weight” rating and set a $25.00 price objective on shares of CSX in a research report on Friday, July 21st. Finally, Stifel Nicolaus upped their target price on CSX from $37.00 to $38.00 in a report on Monday, July 17th. Ten research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $35.29.

Get Our Latest Analysis on CSX

CSX Stock Up 1.6 %

The company has a debt-to-equity ratio of 1.46, a current ratio of 1.42 and a quick ratio of 1.21. The business has a 50 day simple moving average of $31.98 and a 200 day simple moving average of $31.37. The company has a market capitalization of $60.09 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 2.54 and a beta of 1.22.

CSX (NASDAQ:CSX – Get Free Report) last posted its earnings results on Thursday, July 20th. The transportation company reported $0.49 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.49. The firm had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.73 billion. CSX had a return on equity of 32.82% and a net margin of 27.36%. CSX’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 EPS. As a group, equities analysts predict that CSX Co. will post 1.9 earnings per share for the current fiscal year.

CSX Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.47%. The ex-dividend date is Wednesday, August 30th. CSX’s payout ratio is currently 22.22%.

Institutional Trading of CSX

A number of large investors have recently modified their holdings of the stock. Smith Anglin Financial LLC lifted its stake in CSX by 4.7% in the second quarter. Smith Anglin Financial LLC now owns 7,182 shares of the transportation company’s stock worth $245,000 after acquiring an additional 321 shares during the last quarter. Ronald Blue Trust Inc. grew its stake in shares of CSX by 1.2% during the second quarter. Ronald Blue Trust Inc. now owns 27,846 shares of the transportation company’s stock worth $834,000 after purchasing an additional 323 shares in the last quarter. Firethorn Wealth Partners LLC increased its holdings in CSX by 0.7% in the first quarter. Firethorn Wealth Partners LLC now owns 49,495 shares of the transportation company’s stock valued at $1,549,000 after buying an additional 325 shares during the last quarter. Brown Brothers Harriman & Co. increased its holdings in CSX by 1.5% in the first quarter. Brown Brothers Harriman & Co. now owns 22,797 shares of the transportation company’s stock valued at $683,000 after buying an additional 327 shares during the last quarter. Finally, Relyea Zuckerberg Hanson LLC raised its stake in CSX by 2.4% in the second quarter. Relyea Zuckerberg Hanson LLC now owns 14,280 shares of the transportation company’s stock valued at $487,000 after buying an additional 328 shares in the last quarter. Hedge funds and other institutional investors own 72.76% of the company’s stock.

CSX Company Profile

(Get Free Report)

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 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.

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