Scotiabank Downgrades CSX (CSX) to Sector Perform

CSX (NASDAQ:CSX) was downgraded by investment analysts at Scotiabank from an “outperform” rating to a “sector perform” rating in a report issued on Friday. They currently have a $43.00 price objective on the transportation company’s stock. Scotiabank’s price target would suggest a potential downside of 27.43% from the company’s previous close.

A number of other analysts also recently weighed in on CSX. BidaskClub raised shares of CSX from a “hold” rating to a “buy” rating in a report on Wednesday. Royal Bank of Canada upped their price target on shares of CSX from $59.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, January 9th. They noted that the move was a valuation call. Robert W. Baird reaffirmed a “buy” rating and set a $59.00 price target on shares of CSX in a report on Tuesday, January 9th. ValuEngine downgraded shares of CSX from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Finally, Barclays upped their price target on shares of CSX from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $57.28.

Shares of CSX (CSX) opened at $59.25 on Friday. CSX has a twelve month low of $36.21 and a twelve month high of $59.76. The company has a current ratio of 1.05, a quick ratio of 0.86 and a debt-to-equity ratio of 1.08. The firm has a market cap of $52,953.09, a P/E ratio of 30.54, a PEG ratio of 1.61 and a beta of 1.35.

CSX announced that its board has approved a share buyback plan on Wednesday, October 25th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the transportation company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

In other news, Director Gary Keith Anderson acquired 5,000 shares of CSX stock in a transaction dated Friday, November 24th. The shares were bought at an average cost of $2,300.00 per share, with a total value of $11,500,000.00. Corporate insiders own 4.79% of the company’s stock.

Several large investors have recently bought and sold shares of CSX. Captrust Financial Advisors bought a new stake in shares of CSX in the 2nd quarter valued at $390,000. Nationwide Fund Advisors boosted its stake in CSX by 4.2% during the second quarter. Nationwide Fund Advisors now owns 368,541 shares of the transportation company’s stock worth $20,108,000 after acquiring an additional 14,811 shares in the last quarter. Bahl & Gaynor Inc. boosted its stake in CSX by 17.4% during the second quarter. Bahl & Gaynor Inc. now owns 10,068 shares of the transportation company’s stock worth $362,000 after acquiring an additional 1,493 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in CSX by 2.4% during the second quarter. Mutual of America Capital Management LLC now owns 112,810 shares of the transportation company’s stock worth $6,155,000 after acquiring an additional 2,620 shares in the last quarter. Finally, Abbot Financial Management Inc. bought a new position in CSX during the second quarter worth $593,000. 70.15% of the stock is currently owned by institutional investors.

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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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