CSX (NASDAQ:CSX) Raised to Buy at Bank of America

Bank of America upgraded shares of CSX (NASDAQ:CSX - Free Report) from a neutral rating to a buy rating in a report issued on Thursday morning, Marketbeat.com reports. Bank of America currently has $42.00 price target on the transportation company's stock, up from their prior price target of $34.00.

Several other research analysts also recently weighed in on the company. Robert W. Baird started coverage on CSX in a report on Tuesday, July 1st. They issued an "outperform" rating and a $38.00 price target for the company. Citigroup boosted their price target on CSX from $36.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Argus set a $32.00 price target on CSX in a report on Friday, April 25th. Benchmark reissued a "buy" rating and set a $35.00 price objective on shares of CSX in a research note on Thursday, April 17th. Finally, BMO Capital Markets lowered their price objective on shares of CSX from $36.00 to $35.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $35.14.

CSX Price Performance

Shares of CSX stock traded down $0.11 during midday trading on Thursday, reaching $34.39. 24,854,035 shares of the company traded hands, compared to its average volume of 13,531,300. The firm's 50 day simple moving average is $32.16 and its two-hundred day simple moving average is $31.15. CSX has a 1-year low of $26.22 and a 1-year high of $37.10. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.88 and a quick ratio of 0.75. The firm has a market cap of $64.60 billion, a PE ratio of 20.59, a price-to-earnings-growth ratio of 2.98 and a beta of 1.23.

CSX (NASDAQ:CSX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The transportation company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.05). CSX had a return on equity of 26.42% and a net margin of 22.66%. The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.53 billion. On average, equities research analysts expect that CSX will post 1.83 EPS for the current fiscal year.

CSX Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.52 dividend on an annualized basis and a yield of 1.51%. CSX's payout ratio is currently 31.14%.

Hedge Funds Weigh In On CSX

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in CSX by 14.7% during the fourth quarter. Wellington Management Group LLP now owns 117,579 shares of the transportation company's stock worth $3,794,000 after acquiring an additional 15,029 shares during the period. CWA Asset Management Group LLC increased its stake in shares of CSX by 15.1% during the first quarter. CWA Asset Management Group LLC now owns 12,514 shares of the transportation company's stock valued at $368,000 after acquiring an additional 1,642 shares during the period. Dynamic Advisor Solutions LLC boosted its holdings in CSX by 9.8% during the first quarter. Dynamic Advisor Solutions LLC now owns 38,757 shares of the transportation company's stock worth $1,141,000 after buying an additional 3,458 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in CSX by 61.4% during the first quarter. Farther Finance Advisors LLC now owns 14,154 shares of the transportation company's stock worth $418,000 after buying an additional 5,382 shares in the last quarter. Finally, Cercano Management LLC acquired a new position in CSX in the 4th quarter worth approximately $4,869,000. 73.57% of the stock is 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.