CSX Corporation (NASDAQ:CSX) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• CSX has a “Moderate Buy” consensus rating from 26 brokerages, with 18 buys, seven holds and one sell. The average 12-month price target is approximately $51.31, compared with the stock’s opening price of $50.58.
• CSX exceeded quarterly expectations, reporting $0.54 EPS versus a $0.52 estimate and $3.94 billion in revenue versus $3.89 billion expected; revenue increased 10.1% year over year.
• The company declared a quarterly dividend of $0.14 per share, representing a 1.1% annualized yield. Insiders sold 189,708 shares worth about $9.1 million over the past 90 days, while institutional investors own 73.57% of the stock.

CSX Corporation (NASDAQ:CSX - Get Free Report) has received an average rating of "Moderate Buy" from the twenty-six brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $51.3148.

Several research analysts have commented on the stock. Truist Financial set a $46.00 price objective on shares of CSX in a report on Friday, July 10th. Jefferies Financial Group boosted their target price on CSX from $50.00 to $52.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Morgan Stanley set a $32.00 price target on CSX and gave the company an "underweight" rating in a research note on Monday, July 6th. Benchmark reissued a "buy" rating and set a $54.00 price target (up from $48.00) on shares of CSX in a research note on Wednesday, July 15th. Finally, BMO Capital Markets restated a "market perform" rating and set a $52.00 price target (up from $49.00) on shares of CSX in a report on Thursday, July 23rd.

Insider Buying and Selling at CSX

In related news, Director John J. Zillmer sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total value of $464,500.00. Following the completion of the transaction, the director directly owned 353,714 shares of the company's stock, valued at approximately $16,430,015.30. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the business's stock in a transaction on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the completion of the sale, the senior vice president owned 59,643 shares in the company, valued at $3,141,993.24. This represents a 17.90% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 189,708 shares of company stock valued at $9,132,304. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On CSX

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of CSX during the 2nd quarter valued at about $7,655,277,000. XXEC Inc. bought a new position in shares of CSX in the 2nd quarter valued at about $765,595,000. Bank of America Corp DE bought 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 CSX in the second quarter worth about $950,325,000. Finally, Legal & General Group Plc purchased a new position in CSX in the second quarter worth about $747,001,000. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Stock Performance

NASDAQ CSX opened at $50.58 on Tuesday. The firm has a market cap of $93.70 billion, a price-to-earnings ratio of 29.24, a price-to-earnings-growth ratio of 2.29 and a beta of 1.21. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. The business has a 50-day moving average price of $49.08 and a 200-day moving average price of $44.83. CSX has a twelve month low of $31.80 and a twelve month high of $53.60.

CSX (NASDAQ:CSX - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $3.94 billion for the quarter, compared to the consensus estimate of $3.89 billion. CSX had a return on equity of 24.98% and a net margin of 22.21%.The firm's quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company earned $0.44 EPS. As a group, equities research analysts predict that CSX will post 2 EPS for the current fiscal year.

CSX Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Monday, August 31st. CSX's dividend payout ratio is currently 32.37%.

About CSX

CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.

CSX's freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.

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