CSX Co. (NASDAQ:CSX) – Research analysts at Seaport Global Securities lowered their FY2019 earnings per share (EPS) estimates for shares of CSX in a note issued to investors on Thursday, March 28th, Zacks Investment Research reports. Seaport Global Securities analyst M. Levin now forecasts that the transportation company will post earnings per share of $4.30 for the year, down from their prior forecast of $4.35. Seaport Global Securities also issued estimates for CSX’s FY2020 earnings at $4.80 EPS.
CSX has been the topic of several other reports. Zacks Investment Research upgraded CSX from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a report on Monday, February 4th. BidaskClub upgraded CSX from a “buy” rating to a “strong-buy” rating in a research note on Thursday, February 14th. Loop Capital raised their price objective on CSX to $87.00 and gave the company a “buy” rating in a research note on Thursday, January 17th. Argus lowered 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 lowered CSX from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. CSX currently has an average rating of “Hold” and a consensus price target of $75.64.
CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, January 16th. The transportation company reported $1.01 EPS for the quarter, meeting the consensus estimate of $1.01. The business had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.12 billion. CSX had a return on equity of 24.18% and a net margin of 27.01%. The company’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS.
CSX announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 16th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the transportation company to repurchase up to 9.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In related 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 completion of 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 available at the SEC website. Insiders own 4.83% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CSX. Flagship Harbor Advisors LLC raised its stake in CSX by 4.3% during the 1st quarter. Flagship Harbor Advisors LLC now owns 9,034 shares of the transportation company’s stock valued at $675,000 after acquiring an additional 374 shares in the last quarter. Ropes Wealth Advisors LLC acquired a new stake in shares of CSX during the first quarter worth $47,000. First Manhattan Co. raised its position in shares of CSX by 0.5% during the first quarter. First Manhattan Co. now owns 106,032 shares of the transportation company’s stock worth $7,933,000 after purchasing an additional 550 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in shares of CSX during the first quarter worth $2,977,000. Finally, Truvestments Capital LLC acquired a new stake in shares of CSX during the first quarter worth $754,000. Institutional investors and hedge funds own 77.35% of the company’s stock.
CSX Company Profile
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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