CSX (CSX) Shares Down 7.6%

CSX Co. (NASDAQ:CSX)’s share price dropped 7.6% during trading on Monday . The stock traded as low as $51.63 and last traded at $52.93. Approximately 49,876,699 shares traded hands during mid-day trading, an increase of 478% from the average daily volume of 8,636,416 shares. The stock had previously closed at $57.31.

CSX has been the subject of several research reports. BidaskClub downgraded shares of CSX from a “hold” rating to a “sell” rating in a research note on Thursday, November 2nd. UBS set a $68.00 price objective on shares of CSX and gave the company a “buy” rating in a research note on Friday, November 17th. Credit Suisse Group dropped their price objective on shares of CSX from $61.00 to $60.00 and set an “outperform” rating for the company in a research note on Thursday, September 7th. Goldman Sachs Group initiated coverage on shares of CSX in a research note on Monday, November 13th. They issued a “sell” rating and a $45.00 price objective for the company. Finally, Zacks Investment Research downgraded shares of CSX from a “hold” rating to a “sell” rating in a research note on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and sixteen have assigned a buy rating to the company. CSX presently has a consensus rating of “Hold” and an average target price of $56.73.

The stock has a market cap of $47,304.76, a P/E ratio of 24.62, a PEG ratio of 1.63 and a beta of 1.35. The company has a current ratio of 1.05, a quick ratio of 0.86 and a debt-to-equity ratio of 1.08.

CSX (NASDAQ:CSX) last released its quarterly earnings results on Tuesday, October 17th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.51. CSX had a net margin of 15.45% and a return on equity of 17.28%. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter last year, the firm earned $0.48 earnings per share. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. equities research analysts predict that CSX Co. will post 2.21 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Wednesday, November 29th. CSX’s dividend payout ratio is presently 41.24%.

CSX declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 25th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the transportation company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, Director Gary Keith Anderson bought 5,000 shares of the stock in a transaction that occurred on Friday, November 24th. The stock was acquired at an average price of $2,300.00 per share, with a total value of $11,500,000.00. 4.79% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CSX. Parallel Advisors LLC raised its stake in CSX by 14.9% during the second quarter. Parallel Advisors LLC now owns 2,194 shares of the transportation company’s stock worth $108,000 after buying an additional 285 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in CSX in the third quarter worth $196,000. ARGI Investment Services LLC acquired a new stake in CSX in the second quarter worth $208,000. BKS Advisors LLC acquired a new stake in CSX in the second quarter worth $221,000. Finally, Laurel Wealth Advisors Inc. acquired a new stake in CSX in the second quarter worth $226,000. 70.24% of the stock is owned by institutional investors and hedge funds.

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About CSX

CSX Corporation is a transportation company. The Company provides rail-based freight transportation services, including traditional rail service and transport of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations.

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