Wells Fargo & Company Downgrades CSX Corporation (NASDAQ:CSX) to Market Perform

CSX Corporation (NASDAQ:CSX) was downgraded by analysts at Wells Fargo & Company from an “outperform” rating to a “market perform” rating in a note issued to investors on Monday, October 16th, Marketbeat reports. They presently have a $57.00 price objective on the transportation company’s stock. Wells Fargo & Company’s price target indicates a potential upside of 8.49% from the company’s previous close.

A number of other brokerages also recently commented on CSX. BidaskClub upgraded shares of CSX Corporation from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 10th. Royal Bank Of Canada restated a “buy” rating and issued a $65.00 price objective on shares of CSX Corporation in a research report on Friday, August 11th. ValuEngine downgraded shares of CSX Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. UBS AG reaffirmed a “buy” rating and issued a $62.00 target price on shares of CSX Corporation in a report on Monday, August 14th. Finally, Deutsche Bank AG reaffirmed a “buy” rating on shares of CSX Corporation in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $56.76.

CSX Corporation (NASDAQ:CSX) opened at 52.54 on Monday. The company has a 50-day moving average price of $52.81 and a 200-day moving average price of $51.82. The firm has a market cap of $47.60 billion, a P/E ratio of 27.08 and a beta of 1.35. CSX Corporation has a 1-year low of $30.01 and a 1-year high of $55.48.

CSX Corporation (NASDAQ:CSX) last released its quarterly earnings data on Tuesday, October 17th. The transportation company reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. CSX Corporation had a net margin of 15.45% and a return on equity of 17.28%. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the prior year, the firm posted $0.48 earnings per share. CSX Corporation’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, equities research analysts forecast that CSX Corporation will post $2.22 EPS for the current fiscal year.

CSX Corporation announced that its board has initiated a stock buyback program on Tuesday, July 18th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the transportation company to buy up to 1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

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Institutional investors have recently added to or reduced their stakes in the stock. Gradient Investments LLC increased its stake in CSX Corporation by 38.1% during the 2nd quarter. Gradient Investments LLC now owns 1,954 shares of the transportation company’s stock worth $107,000 after buying an additional 539 shares during the period. Parallel Advisors LLC increased its stake in CSX Corporation by 14.9% during the 2nd quarter. Parallel Advisors LLC now owns 2,194 shares of the transportation company’s stock worth $108,000 after buying an additional 285 shares during the period. Reilly Financial Advisors LLC increased its stake in CSX Corporation by 33.1% during the 2nd quarter. Reilly Financial Advisors LLC now owns 2,012 shares of the transportation company’s stock worth $110,000 after buying an additional 500 shares during the period. LBA Wealth Management LLC increased its stake in CSX Corporation by 323.1% during the 1st quarter. LBA Wealth Management LLC now owns 2,619 shares of the transportation company’s stock worth $122,000 after buying an additional 2,000 shares during the period. Finally, Madden Advisory Services Inc. purchased a new stake in CSX Corporation during the 1st quarter worth $155,000. 69.69% of the stock is currently owned by hedge funds and other institutional investors.

CSX Corporation Company Profile

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.

Analyst Recommendations for CSX Corporation (NASDAQ:CSX)

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