CSX (CSX) Price Target Raised to $93.00 at Credit Suisse Group

CSX (NASDAQ:CSX) had its target price hoisted by investment analysts at Credit Suisse Group from $88.00 to $93.00 in a report issued on Wednesday, The Fly reports. The firm presently has an “outperform” rating on the transportation company’s stock. Credit Suisse Group’s price objective suggests a potential upside of 17.81% from the company’s previous close.

CSX has been the subject of several other reports. Zacks Investment Research raised CSX from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research note on Monday, February 4th. BidaskClub raised CSX from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 14th. Loop Capital upped their price objective on CSX to $87.00 and gave the company a “buy” rating in a research note on Thursday, January 17th. Argus reduced their price objective on CSX from $84.00 to $71.00 and set a “buy” rating for the company in a research note on Monday, December 31st. Finally, ValuEngine downgraded CSX from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $77.26.

CSX stock opened at $78.94 on Wednesday. CSX has a fifty-two week low of $57.97 and a fifty-two week high of $80.51. The company has a quick ratio of 1.20, a current ratio of 1.34 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $61.66 billion, a PE ratio of 20.56, a PEG ratio of 1.34 and a beta of 1.29.

CSX (NASDAQ:CSX) last posted its earnings results on Tuesday, April 16th. The transportation company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.11. CSX had a return on equity of 24.18% and a net margin of 27.01%. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $3 billion. During the same period in the previous year, the business earned $0.78 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis. On average, equities research analysts expect that CSX will post 4.23 EPS for the current year.

CSX declared that its board has initiated a stock buyback program on Wednesday, January 16th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the transportation company to reacquire up to 9.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

In other CSX news, Director Ridge Lp Mantle sold 1,930,318 shares of the business’s stock in a transaction that occurred on Thursday, January 24th. The stock was sold at an average price of $65.01, for a total transaction of $125,489,973.18. Following the transaction, the director now owns 106 shares in the company, valued at approximately $6,891.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.83% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hilltop Holdings Inc. grew its holdings in shares of CSX by 1.7% in the 4th quarter. Hilltop Holdings Inc. now owns 8,866 shares of the transportation company’s stock worth $551,000 after acquiring an additional 149 shares during the period. Bronfman E.L. Rothschild L.P. grew its holdings in shares of CSX by 4.0% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 4,023 shares of the transportation company’s stock worth $250,000 after acquiring an additional 153 shares during the period. Wetherby Asset Management Inc. grew its holdings in shares of CSX by 0.6% in the 4th quarter. Wetherby Asset Management Inc. now owns 26,429 shares of the transportation company’s stock worth $1,642,000 after acquiring an additional 158 shares during the period. Parkside Financial Bank & Trust grew its holdings in shares of CSX by 3.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 4,561 shares of the transportation company’s stock worth $284,000 after acquiring an additional 164 shares during the period. Finally, Bremer Trust National Association grew its holdings in shares of CSX by 5.1% in the 4th quarter. Bremer Trust National Association now owns 3,609 shares of the transportation company’s stock worth $224,000 after acquiring an additional 176 shares during the period. Institutional investors own 77.36% of the company’s stock.

About CSX

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services, as well as transports intermodal containers and trailers. It transports chemicals, automotive, agricultural and food products, minerals, fertilizers, forest products, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants.

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