CSX (NASDAQ:CSX) Announces Quarterly Earnings Results, Beats Estimates By $0.04 EPS

CSX (NASDAQ:CSX) posted its quarterly earnings data on Wednesday. The transportation company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.04, FiscalAI reports. CSX had a return on equity of 24.98% and a net margin of 22.21%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.96 billion.

CSX Stock Up 0.7%

CSX traded up $0.32 during trading on Wednesday, hitting $48.40. The company had a trading volume of 13,813,996 shares, compared to its average volume of 12,330,852. The company has a market capitalization of $89.66 billion, a PE ratio of 27.98, a PEG ratio of 2.26 and a beta of 1.21. The company has a quick ratio of 0.72, a current ratio of 0.82 and a debt-to-equity ratio of 1.22. CSX has a one year low of $33.63 and a one year high of $53.60. The firm’s 50-day moving average price is $48.69 and its 200 day moving average price is $47.46.

CSX Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, November 30th. This represents a $0.56 annualized dividend and a dividend yield of 1.2%. CSX’s dividend payout ratio is currently 32.37%.

Insider Activity

In related news, CAO Angela C. Williams sold 30,000 shares of CSX stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $53.29, for a total value of $1,598,700.00. Following the sale, the chief accounting officer owned 10,437 shares of the company’s stock, valued at approximately $556,187.73. This trade represents a 74.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael S. Burns sold 13,000 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total transaction of $684,840.00. Following the transaction, the senior vice president directly owned 59,643 shares of the company’s stock, valued at $3,141,993.24. This represents a 17.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CSX shares. Evercore set a $51.00 price objective on shares of CSX in a research note on Thursday, July 23rd. Argus set a $56.00 target price on CSX in a research note on Friday, July 31st. TD Cowen increased their price target on shares of CSX from $46.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. reduced their price objective on shares of CSX from $58.00 to $57.00 and set an “overweight” rating on the stock in a research note on Monday, October 5th. Finally, BMO Capital Markets restated a “market perform” rating and set a $52.00 price objective (up from $49.00) on shares of CSX in a report on Thursday, July 23rd. Seventeen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.17.

About CSX

CSX Corporation is a transportation company whose primary business is freight railroading through its CSX Transportation subsidiary. The company operates an extensive rail network across the eastern United States, serving major industrial centers, population hubs, ports and distribution markets.

CSX transports a broad range of products, including chemicals, agricultural and food products, forest products, minerals, metals, automotive goods and other manufactured merchandise. Its services also include intermodal transportation, which combines rail service with trucks and containers, as well as the movement of coal and other bulk commodities.

The company traces its roots to the formation of CSX Corporation in 1980 through the merger of Chessie System and Seaboard Coast Line Industries.