Shares of CSX Co. (NASDAQ:CSX) reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $80.51 and last traded at $79.49, with a volume of 4585815 shares. The stock had previously closed at $75.89.
The transportation company reported $1.02 earnings per share for the quarter, topping the 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 company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $3 billion. During the same quarter last year, the firm posted $0.78 EPS. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis.
CSX declared that its Board of Directors has approved a stock repurchase program on Wednesday, January 16th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the transportation company to buy up to 9.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
Several research analysts have commented on the company. Zacks Investment Research upgraded CSX from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research note on Monday, February 4th. BidaskClub upgraded CSX from a “buy” rating to a “strong-buy” rating in a research report on Thursday, February 14th. Loop Capital lifted their price target on CSX to $87.00 and gave the company a “buy” rating in a research report on Thursday, January 17th. Argus dropped their price target on CSX from $84.00 to $71.00 and set a “buy” rating for the company in a research report on Monday, December 31st. Finally, ValuEngine downgraded CSX from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $76.69.
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 value of $125,489,973.18. Following the completion of the sale, the director now owns 106 shares in the company, valued at approximately $6,891.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.83% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CSX. Virtus ETF Advisers LLC increased its stake in shares of CSX by 117.1% during the fourth quarter. Virtus ETF Advisers LLC now owns 445 shares of the transportation company’s stock valued at $28,000 after buying an additional 240 shares during the period. Larson Financial Group LLC purchased a new position in shares of CSX during the fourth quarter valued at approximately $28,000. Liberty Wealth Management LLC purchased a new position in shares of CSX during the fourth quarter valued at approximately $28,000. Karp Capital Management Corp purchased a new position in shares of CSX during the fourth quarter valued at approximately $30,000. Finally, Highwater Wealth Management LLC purchased a new position in shares of CSX during the fourth quarter valued at approximately $31,000. 77.36% of the stock is currently owned by institutional investors and hedge funds.
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 company has a market cap of $61.66 billion, a PE ratio of 20.65, a P/E/G ratio of 1.34 and a beta of 1.29.
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About CSX (NASDAQ: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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