CSX (NASDAQ:CSX) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

CSX Corporation (NASDAQ:CSX)’s share price passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $48.36 and traded as high as $51.09. CSX shares last traded at $51.03, with a volume of 14,453,018 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently commented on CSX shares. New Street Research set a $49.00 price target on shares of CSX in a research note on Thursday, April 23rd. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $41.00 price objective (up from $37.00) on shares of CSX in a report on Thursday, April 23rd. BMO Capital Markets reiterated a “market perform” rating and set a $52.00 target price (up from $49.00) on shares of CSX in a research report on Thursday, July 23rd. Weiss Ratings raised CSX from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $54.00 price target (up from $51.00) on shares of CSX in a research note on Thursday, July 23rd. Eighteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.31.

CSX Price Performance

The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.72 and a current ratio of 0.82. The company has a market capitalization of $94.53 billion, a PE ratio of 29.50, a P/E/G ratio of 2.29 and a beta of 1.21. The company’s 50-day simple moving average is $48.36 and its 200-day simple moving average is $43.95.

CSX (NASDAQ:CSX) last announced its earnings results on Wednesday, July 22nd. The transportation company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. CSX had a net margin of 22.21% and a return on equity of 24.98%. The business had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.89 billion. During the same period in the prior year, the company earned $0.44 earnings per share. The business’s revenue was up 10.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that CSX Corporation will post 1.99 earnings per share for the current year.

CSX Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $0.56 annualized dividend and a yield of 1.1%. CSX’s dividend payout ratio is currently 32.37%.

Insider Buying and Selling

In other CSX news, SVP Michael S. Burns sold 13,000 shares of CSX stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $52.68, for a total value of $684,840.00. Following the transaction, the senior vice president directly owned 59,643 shares in the company, valued at approximately $3,141,993.24. This trade represents a 17.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin S. Boone sold 136,708 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.70, for a total value of $6,384,263.60. Following the completion of the transaction, the chief financial officer directly owned 208,622 shares in the company, valued at approximately $9,742,647.40. The trade was a 39.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 189,708 shares of company stock valued at $9,132,304 over the last 90 days. Insiders own 0.30% of the company’s stock.

Institutional Trading of CSX

Hedge funds have recently made changes to their positions in the company. Canada Post Corp Registered Pension Plan raised its holdings in CSX by 34.2% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 96,484 shares of the transportation company’s stock worth $3,498,000 after purchasing an additional 24,566 shares in the last quarter. Farther Finance Advisors LLC increased its position in CSX by 159.5% during the 4th quarter. Farther Finance Advisors LLC now owns 73,410 shares of the transportation company’s stock worth $2,661,000 after purchasing an additional 45,116 shares during the period. KTF Investments LLC acquired a new position in CSX during the 4th quarter worth approximately $1,325,000. BNB Wealth Management LLC purchased a new position in shares of CSX during the 4th quarter worth approximately $1,125,000. Finally, Allstate Corp raised its stake in shares of CSX by 105.7% during the 4th quarter. Allstate Corp now owns 136,869 shares of the transportation company’s stock worth $4,962,000 after buying an additional 70,326 shares in the last quarter. Institutional investors and hedge funds own 73.57% of the company’s stock.

CSX Company Profile

CSX Corporation is a leading North American transportation company that provides rail-based freight services and supply-chain solutions. Its operating subsidiary, CSX Transportation, moves a wide range of goods for customers across multiple industries, using a combination of long-haul rail service, intermodal operations and terminal and yard services. The company focuses on delivering efficient, reliable freight transportation between major production centers, consumption markets and port gateways.

CSX’s freight portfolio includes intermodal containers and trailers, bulk commodities, industrial products and specialized unit trains.