Bank of America Forecasts Strong Price Appreciation for CSX (NASDAQ:CSX) Stock

by · The Cerbat Gem

CSX (NASDAQ:CSX – Get Free Report) had its target price hoisted by equities researchers at Bank of America from $49.00 to $51.00 in a report issued on Tuesday,MarketScreener reports. Bank of America‘s price target would indicate a potential upside of 10.78% from the company’s previous close.

Other research analysts also recently issued research reports about the company. Rothschild & Co Redburn lifted their price target on CSX from $45.50 to $47.50 and gave the company a “buy” rating in a report on Tuesday, April 28th. Citigroup reissued a “neutral” rating and set a $46.00 target price (up from $44.00) on shares of CSX in a research report on Thursday, April 23rd. New Street Research set a $49.00 target price on CSX in a research report on Thursday, April 23rd. Wolfe Research reiterated an “outperform” rating and set a $50.00 price target on shares of CSX in a report on Thursday, April 23rd. Finally, Barclays restated an “overweight” rating and issued a $47.00 price objective (up from $40.00) on shares of CSX in a research note on Thursday, April 23rd. Sixteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $45.58.

Get Our Latest Report on CSX

CSX Trading Down 0.4%

NASDAQ CSX traded down $0.16 on Tuesday, hitting $46.04. 972,503 shares of the company were exchanged, compared to its average volume of 13,305,440. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.97 and a quick ratio of 0.83. CSX has a twelve month low of $30.17 and a twelve month high of $46.55. The firm has a market capitalization of $85.55 billion, a P/E ratio of 28.24, a price-to-earnings-growth ratio of 2.38 and a beta of 1.24. The company’s 50 day moving average price is $42.30 and its 200-day moving average price is $39.08.

CSX (NASDAQ:CSX – Get Free Report) last announced its earnings results on Wednesday, April 22nd. The transportation company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.39 by $0.04. CSX had a net margin of 21.55% and a return on equity of 24.47%. The company had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.50 billion. During the same period last year, the company posted $0.34 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts predict that CSX will post 1.89 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Stephen F. Angel bought 25,000 shares of CSX stock in a transaction that occurred on Friday, March 6th. The stock was purchased at an average cost of $40.27 per share, with a total value of $1,006,750.00. Following the completion of the transaction, the chief executive officer directly owned 146,540 shares in the company, valued at $5,901,165.80. This trade represents a 20.57% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Diana B. Sorfleet sold 90,000 shares of CSX stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $41.56, for a total transaction of $3,740,400.00. Following the sale, the chief accounting officer owned 165,613 shares in the company, valued at $6,882,876.28. This represents a 35.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.30% of the company’s stock.

Institutional Trading of CSX

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Strengthening Families & Communities LLC bought a new stake in shares of CSX in the 3rd quarter worth about $2,199,000. Rathbones Group PLC raised its position in CSX by 20.6% in the 3rd quarter. Rathbones Group PLC now owns 207,454 shares of the transportation company’s stock valued at $7,367,000 after purchasing an additional 35,403 shares during the last quarter. Canada Post Corp Registered Pension Plan boosted its stake in CSX by 131.0% in the third quarter. Canada Post Corp Registered Pension Plan now owns 71,918 shares of the transportation company’s stock worth $2,577,000 after purchasing an additional 40,780 shares in the last quarter. Allstate Corp bought a new stake in shares of CSX during the third quarter worth $2,363,000. Finally, Cbre Investment Management Listed Real Assets LLC increased its stake in shares of CSX by 81.9% in the third quarter. Cbre Investment Management Listed Real Assets LLC now owns 944,946 shares of the transportation company’s stock valued at $33,555,000 after buying an additional 425,395 shares in the last quarter. Institutional investors own 73.57% of the company’s stock.

About CSX

(Get Free Report)

CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.

CSX’s freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.

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