CSX (NASDAQ:CSX) Shares Gap Down After Earnings Miss

CSX Co. (NASDAQ:CSX)’s stock price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $33.67, but opened at $32.05. CSX shares last traded at $32.75, with a volume of 5,150,227 shares trading hands.

The transportation company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). CSX had a return on equity of 28.92% and a net margin of 24.77%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CSX shares. TD Cowen reduced their target price on shares of CSX from $36.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. Citigroup reduced their target price on shares of CSX from $40.00 to $39.00 and set a “buy” rating on the stock in a report on Friday. Barclays reduced their price objective on shares of CSX from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Friday. Jefferies Financial Group raised shares of CSX from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a research note on Friday, January 10th. Finally, Stephens dropped their price objective on shares of CSX from $41.00 to $39.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $38.22.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. increased its position in CSX by 177.8% during the 3rd quarter. Valley Wealth Managers Inc. now owns 750 shares of the transportation company’s stock worth $26,000 after purchasing an additional 480 shares in the last quarter. Morton Brown Family Wealth LLC acquired a new stake in CSX during the 3rd quarter worth approximately $31,000. Addison Advisors LLC increased its position in CSX by 348.5% during the 3rd quarter. Addison Advisors LLC now owns 1,045 shares of the transportation company’s stock worth $36,000 after purchasing an additional 812 shares in the last quarter. Fortitude Family Office LLC lifted its position in shares of CSX by 43.4% during the third quarter. Fortitude Family Office LLC now owns 1,110 shares of the transportation company’s stock worth $38,000 after purchasing an additional 336 shares in the last quarter. Finally, Synergy Asset Management LLC purchased a new stake in shares of CSX during the fourth quarter worth about $41,000. 73.57% of the stock is currently owned by hedge funds and other institutional investors.

CSX Stock Down 2.1 %

The company has a debt-to-equity ratio of 1.43, a current ratio of 1.39 and a quick ratio of 1.23. The firm’s fifty day moving average is $33.62 and its 200-day moving average is $33.95. The stock has a market capitalization of $63.57 billion, a price-to-earnings ratio of 17.58, a PEG ratio of 2.06 and a beta of 1.22.

About CSX

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.