JPMorgan Chase & Co. Issues Positive Forecast for CSX (NASDAQ:CSX) Stock Price

Key Points

• JPMorgan Chase & Co. raised its price target for CSX stock from $40.00 to $41.00, indicating a potential upside of 11.91% from the current price.
• Analysts continue to show optimism with multiple firms maintaining or increasing their ratings on CSX, leading to an average rating of "Moderate Buy" across the board.
• CSX reported quarterly earnings of $0.44 per share, surpassing estimates and demonstrating a net margin of 20.55%, despite a slight year-over-year revenue decline.

CSX (NASDAQ:CSX - Get Free Report) had its price objective upped by analysts at JPMorgan Chase & Co. from $40.00 to $41.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the transportation company's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 11.91% from the stock's current price.

Several other analysts have also recently weighed in on the stock. Barclays reissued an "overweight" rating on shares of CSX in a research note on Monday. Citigroup upped their price objective on shares of CSX from $41.00 to $42.00 in a report on Friday. Cowen restated a "buy" rating on shares of CSX in a report on Friday. Wells Fargo & Company upgraded shares of CSX from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $37.00 to $40.00 in a report on Thursday, September 25th. Finally, Wolfe Research upped their price objective on shares of CSX from $40.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $39.09.

CSX Trading Up 0.1%

Shares of CSX stock traded up $0.04 during mid-day trading on Monday, hitting $36.64. The stock had a trading volume of 3,100,735 shares, compared to its average volume of 16,747,090. The firm has a 50-day moving average of $34.34 and a two-hundred day moving average of $32.47. CSX has a 12-month low of $26.22 and a 12-month high of $37.25. The company has a quick ratio of 0.71, a current ratio of 0.85 and a debt-to-equity ratio of 1.45. The firm has a market cap of $68.23 billion, a P/E ratio of 23.98, a price-to-earnings-growth ratio of 2.86 and a beta of 1.29.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings results on Thursday, October 16th. The transportation company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. CSX had a net margin of 20.55% and a return on equity of 24.95%. The business had revenue of $3.59 billion during the quarter, compared to analysts' expectations of $3.60 billion. During the same quarter in the prior year, the company posted $0.45 EPS. The business's revenue for the quarter was down .9% on a year-over-year basis. Sell-side analysts forecast that CSX will post 1.83 earnings per share for the current year.

Institutional Investors Weigh In On CSX

A number of hedge funds have recently added to or reduced their stakes in CSX. Nuveen LLC acquired a new stake in shares of CSX in the 1st quarter valued at $182,550,000. Bank of New York Mellon Corp raised its holdings in shares of CSX by 21.6% in the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock valued at $835,336,000 after purchasing an additional 5,033,743 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of CSX by 1,283.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,190,452 shares of the transportation company's stock valued at $123,786,000 after purchasing an additional 3,887,644 shares in the last quarter. Amundi raised its holdings in shares of CSX by 34.5% in the 1st quarter. Amundi now owns 13,017,397 shares of the transportation company's stock valued at $364,357,000 after purchasing an additional 3,341,136 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of CSX by 12.5% in the 1st quarter. Ameriprise Financial Inc. now owns 23,456,085 shares of the transportation company's stock valued at $690,359,000 after purchasing an additional 2,599,518 shares in the last quarter. 73.57% of the stock is currently owned by institutional investors and hedge funds.

About CSX

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.

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