CSX (NASDAQ:CSX) posted its earnings results on Tuesday. The transportation company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.11, RTT News reports. CSX had a return on equity of 24.18% and a net margin of 27.01%. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $3 billion. During the same period in the previous year, the business earned $0.78 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis.
Shares of CSX stock opened at $75.89 on Wednesday. The company has a market cap of $61.66 billion, a PE ratio of 19.76, a price-to-earnings-growth ratio of 1.34 and a beta of 1.29. CSX has a 12-month low of $56.10 and a 12-month high of $77.15. The company has a quick ratio of 1.20, a current ratio of 1.34 and a debt-to-equity ratio of 1.17.
CSX declared that its Board of Directors has initiated a share repurchase program on Wednesday, January 16th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the transportation company to repurchase up to 9.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of CSX by 2.3% in the 4th quarter. BlackRock Inc. now owns 49,404,831 shares of the transportation company’s stock worth $3,069,519,000 after acquiring an additional 1,127,467 shares during the period. FMR LLC grew its holdings in shares of CSX by 14.1% in the 4th quarter. FMR LLC now owns 23,161,058 shares of the transportation company’s stock worth $1,438,997,000 after acquiring an additional 2,867,186 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in shares of CSX by 11,871.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 11,486,719 shares of the transportation company’s stock worth $185,000 after acquiring an additional 11,390,771 shares during the period. Geode Capital Management LLC grew its holdings in shares of CSX by 6.6% in the 4th quarter. Geode Capital Management LLC now owns 10,386,802 shares of the transportation company’s stock worth $644,194,000 after acquiring an additional 646,745 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of CSX by 2.1% in the 4th quarter. Northern Trust Corp now owns 9,500,242 shares of the transportation company’s stock worth $590,251,000 after acquiring an additional 192,907 shares during the period. 77.36% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on CSX. Susquehanna Bancshares reaffirmed a “neutral” rating on shares of CSX in a research note on Wednesday, April 3rd. SNS Securities downgraded CSX from a “positive” rating to a “neutral” rating in a research note on Wednesday, April 3rd. BidaskClub downgraded CSX from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 5th. UBS Group downgraded CSX from a “buy” rating to a “neutral” rating and upped their price objective for the company from $75.00 to $80.00 in a research note on Friday, April 5th. Finally, Citigroup upped their price objective on CSX from $79.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $75.64.
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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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