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

CSX Co. (NASDAQ:CSX - Get Free Report) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $35.47, but opened at $33.94. CSX shares last traded at $33.76, with a volume of 3,043,252 shares.

The transportation company reported $0.46 EPS for the quarter, missing analysts' consensus estimates of $0.48 by ($0.02). The business had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.68 billion. CSX had a net margin of 24.52% and a return on equity of 29.11%. CSX's revenue for the quarter was up 1.3% on a year-over-year basis. During the same period last year, the business posted $0.42 earnings per share.

CSX Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Friday, November 29th. CSX's dividend payout ratio (DPR) is presently 26.37%.

Wall Street Analyst Weigh In

A number of research firms recently commented on CSX. Benchmark reiterated a "buy" rating and issued a $40.00 target price on shares of CSX in a report on Wednesday, August 7th. Royal Bank of Canada dropped their price target on CSX from $36.00 to $35.00 and set a "sector perform" rating on the stock in a report on Thursday. Loop Capital reduced their price objective on CSX from $43.00 to $42.00 and set a "buy" rating for the company in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on CSX from $39.00 to $42.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 6th. Finally, Wells Fargo & Company decreased their price target on CSX from $35.00 to $34.00 and set an "equal weight" rating for the company in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.61.

Institutional Trading of CSX

Institutional investors and hedge funds have recently made changes to their positions in the stock. Banque Cantonale Vaudoise lifted its stake in shares of CSX by 149.1% in the second quarter. Banque Cantonale Vaudoise now owns 17,208 shares of the transportation company's stock worth $575,000 after buying an additional 10,301 shares during the last quarter. Ascent Group LLC boosted its holdings in CSX by 559.7% during the first quarter. Ascent Group LLC now owns 58,779 shares of the transportation company's stock valued at $2,179,000 after acquiring an additional 49,869 shares during the period. PFG Advisors grew its position in shares of CSX by 2.1% in the first quarter. PFG Advisors now owns 18,880 shares of the transportation company's stock valued at $700,000 after purchasing an additional 387 shares during the last quarter. Sei Investments Co. increased its stake in shares of CSX by 4.2% in the first quarter. Sei Investments Co. now owns 597,426 shares of the transportation company's stock worth $22,146,000 after purchasing an additional 23,938 shares during the period. Finally, William B. Walkup & Associates Inc. bought a new position in shares of CSX in the second quarter worth about $867,000. Institutional investors and hedge funds own 73.57% of the company's stock.

CSX Stock Down 6.7 %

The firm has a market cap of $64.69 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 1.90 and a beta of 1.19. The firm has a 50-day moving average of $34.02 and a two-hundred day moving average of $33.99. The company has a current ratio of 1.16, a quick ratio of 1.01 and a debt-to-equity ratio of 1.42.

CSX Company Profile

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.