CSX (NASDAQ:CSX) Posts Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• CSX beat quarterly earnings expectations: The railroad reported $0.57 in EPS versus the $0.53 consensus estimate, while revenue of $4.02 billion exceeded expectations of $3.96 billion.
• Shares rose modestly to $48.40 during Wednesday trading. Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $51.17.
• CSX declared a quarterly dividend of $0.14 per share, equivalent to $0.56 annually and a 1.2% yield; two company insiders also recently sold shares.

CSX (NASDAQ:CSX - Get Free Report) issued its quarterly earnings data on Wednesday. The transportation company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.04, FiscalAI reports. CSX had a return on equity of 24.98% and a net margin of 22.21%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.96 billion.

CSX Price Performance

Shares of NASDAQ:CSX traded up $0.32 on Wednesday, hitting $48.40. The stock had a trading volume of 13,813,996 shares, compared to its average volume of 12,330,852. The firm's 50 day moving average price is $48.69 and its 200-day moving average price is $47.46. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. CSX has a twelve month low of $33.63 and a twelve month high of $53.60. The company has a market capitalization of $89.66 billion, a price-to-earnings ratio of 27.98, a price-to-earnings-growth ratio of 2.26 and a beta of 1.21.

CSX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 30th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, November 30th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.2%. CSX's dividend payout ratio (DPR) is presently 32.37%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CSX. JPMorgan Chase & Co. dropped their price target on shares of CSX from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Monday, October 5th. Morgan Stanley set a $32.00 price objective on CSX and gave the stock an "underweight" rating in a research note on Monday, July 6th. Argus set a $56.00 price target on CSX in a report on Friday, July 31st. Truist Financial set a $46.00 target price on shares of CSX in a research report on Friday, July 10th. Finally, Stephens began coverage on shares of CSX in a report on Wednesday, July 8th. They set an "overweight" rating and a $57.00 price objective on the stock. Seventeen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $51.17.

Insider Activity

In other CSX news, CAO Angela Williams sold 30,000 shares of the business's stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $53.29, for a total value of $1,598,700.00. Following the transaction, the chief accounting officer directly owned 10,437 shares in the company, valued at $556,187.73. The trade was a 74.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Burns sold 13,000 shares of the company's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the sale, the senior vice president directly owned 59,643 shares in the company, valued at $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.30% of the company's stock.

CSX Company Profile

CSX Corporation is a transportation company whose primary business is freight railroading through its CSX Transportation subsidiary. The company operates an extensive rail network across the eastern United States, serving major industrial centers, population hubs, ports and distribution markets.

CSX transports a broad range of products, including chemicals, agricultural and food products, forest products, minerals, metals, automotive goods and other manufactured merchandise. Its services also include intermodal transportation, which combines rail service with trucks and containers, as well as the movement of coal and other bulk commodities.

The company traces its roots to the formation of CSX Corporation in 1980 through the merger of Chessie System and Seaboard Coast Line Industries.

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