CSX (NASDAQ:CSX) Given New $56.00 Price Target at JPMorgan Chase & Co.

CSX (NASDAQ:CSX) had its price objective hoisted by JPMorgan Chase & Co. from $48.00 to $56.00 in a research note released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the transportation company’s stock.

Several other analysts also recently weighed in on the company. Susquehanna boosted their price target on CSX from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, June 5th. Raymond James Financial lifted their target price on CSX from $45.00 to $49.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. BMO Capital Markets upped their target price on CSX from $45.00 to $49.00 and gave the company a “market perform” rating in a research report on Thursday, June 25th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $41.00 price target (up from $37.00) on shares of CSX in a report on Thursday, April 23rd. Finally, Benchmark raised their price target on shares of CSX from $46.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Sixteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.52.

CSX Stock Performance

Shares of NASDAQ:CSX traded up $0.06 on Friday, hitting $49.41. 7,753,366 shares of the company were exchanged, compared to its average volume of 11,303,888. The firm has a market capitalization of $91.81 billion, a P/E ratio of 30.31, a price-to-earnings-growth ratio of 2.45 and a beta of 1.21. The company has a current ratio of 0.97, a quick ratio of 0.83 and a debt-to-equity ratio of 1.34. CSX has a 1-year low of $31.80 and a 1-year high of $49.67. The stock’s 50 day moving average price is $46.58 and its 200 day moving average price is $42.17.

CSX (NASDAQ:CSX) last released its earnings results on Wednesday, April 22nd. The transportation company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.04. The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.50 billion. CSX had a return on equity of 24.47% and a net margin of 21.55%.The firm’s revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.34 EPS. Sell-side analysts predict that CSX will post 1.91 EPS for the current year.

CSX Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a $0.14 dividend. The ex-dividend date was Friday, May 29th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.1%. CSX’s dividend payout ratio is presently 34.36%.

Insider Activity

In related news, CFO Kevin S. Boone sold 136,708 shares of CSX stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $46.70, for a total transaction 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. This trade represents a 39.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John J. Zillmer sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $46.45, for a total value of $464,500.00. Following the completion of the transaction, the director directly owned 353,714 shares of the company’s stock, valued at $16,430,015.30. The trade was a 2.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On CSX

Several large investors have recently made changes to their positions in the company. FNY Investment Advisers LLC boosted its holdings in CSX by 437.3% during the third quarter. FNY Investment Advisers LLC now owns 720 shares of the transportation company’s stock worth $25,000 after buying an additional 586 shares in the last quarter. WFA of San Diego LLC purchased a new position in CSX in the second quarter valued at $28,000. Arlington Trust Co LLC raised its position in shares of CSX by 58.0% in the second quarter. Arlington Trust Co LLC now owns 681 shares of the transportation company’s stock worth $32,000 after acquiring an additional 250 shares during the period. Wilkerson Advisory Group LLC raised its position in shares of CSX by 97.4% in the first quarter. Wilkerson Advisory Group LLC now owns 829 shares of the transportation company’s stock worth $34,000 after acquiring an additional 409 shares during the period. Finally, Allied Private Wealth LLC acquired a new position in shares of CSX in the second quarter worth about $37,000. 73.57% of the stock is currently owned by institutional investors and hedge funds.

More CSX News

Here are the key news stories impacting CSX this week:

• Positive Sentiment: Barclays raised its price target on CSX to $55 from $47 and kept an Overweight rating, citing solid U.S. and international freight demand and lower transportation costs. Why Improving Freight Demand and Pricing Are Reinforcing the Long-Term Investment Case for CSX Corporation
• Positive Sentiment: JPMorgan also lifted its price target on CSX to $56 from $48 and reiterated an Overweight rating, signaling confidence in the company’s earnings potential. CSX PT Raised to $56 at JPMorgan
• Positive Sentiment: Jim Cramer called CSX a “great long-term investment,” adding another public endorsement that may reinforce investor optimism. Jim Cramer on CSX: “I See a Great Long-Term Investment”
• Neutral Sentiment: CSX announced maintenance work on railroad crossings in Alabaster, a routine operational update with limited direct impact on the stock. CSX begins maintenance work on railroad crossings in Alabaster
• Negative Sentiment: News that a CSX train was involved in a fatal accident in Winter Haven could create headline risk and modest sentiment pressure, though the financial impact is unclear. PCSO: CSX train hits, kills 37-year-old man in Winter Haven

About CSX

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.