CSX (NASDAQ:CSX) Shares Gap Down on Disappointing Earnings

CSX Co. (NASDAQ:CSX) 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.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wells Fargo & Company decreased their target price on shares of CSX from $36.00 to $34.00 and set an “equal weight” rating for the company in a research report on Friday. Jefferies Financial Group raised CSX from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a report on Friday, January 10th. BMO Capital Markets dropped their target price on CSX from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Friday. Stifel Nicolaus decreased their price target on CSX from $39.00 to $37.00 and set a “buy” rating for the company in a report on Thursday, October 17th. Finally, TD Cowen lowered their price target on CSX from $36.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.68.

Institutional Investors Weigh In On CSX

A number of hedge funds have recently modified their holdings of CSX. Valley Wealth Managers Inc. grew its holdings in CSX by 177.8% during the third quarter. Valley Wealth Managers Inc. now owns 750 shares of the transportation company’s stock valued at $26,000 after purchasing an additional 480 shares during the period. Morton Brown Family Wealth LLC purchased a new position in shares of CSX during the 3rd quarter valued at $31,000. Addison Advisors LLC grew its stake in shares of 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 acquiring an additional 812 shares during the period. Fortitude Family Office LLC increased its holdings in CSX by 43.4% in the 3rd quarter. Fortitude Family Office LLC now owns 1,110 shares of the transportation company’s stock worth $38,000 after acquiring an additional 336 shares during the last quarter. Finally, Synergy Asset Management LLC bought a new stake in CSX in the 4th quarter valued at about $41,000. Institutional investors own 73.57% of the company’s stock.

CSX Stock Performance

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 has a market capitalization of $63.04 billion, a PE ratio of 17.58, a P/E/G ratio of 2.06 and a beta of 1.22. The company’s fifty day simple moving average is $33.58 and its 200 day simple moving average is $33.95.

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.