CSX (NASDAQ:CSX) Sees Strong Trading Volume – Here’s Why

CSX Co. (NASDAQ:CSX) shares saw unusually-high trading volume on Friday . Approximately 4,684,201 shares changed hands during trading, a decline of 50% from the previous session’s volume of 9,308,934 shares.The stock last traded at $32.20 and had previously closed at $32.16.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CSX. Citigroup lifted their price target on shares of CSX from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Stephens cut their price target on CSX from $41.00 to $39.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Susquehanna dropped their price objective on CSX from $42.00 to $40.00 and set a “positive” rating for the company in a report on Thursday, October 17th. TD Cowen reduced their target price on CSX from $36.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. Finally, Royal Bank of Canada reduced their price objective on shares of CSX from $36.00 to $35.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 17th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $38.78.

CSX Stock Up 0.3 %

The firm’s 50 day moving average price is $34.25 and its two-hundred day moving average price is $34.02. The company has a current ratio of 1.39, a quick ratio of 1.23 and a debt-to-equity ratio of 1.43. The company has a market capitalization of $62.23 billion, a P/E ratio of 17.35, a PEG ratio of 2.24 and a beta of 1.20.

CSX (NASDAQ:CSX) last issued its quarterly earnings results on Wednesday, October 16th. The transportation company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). CSX had a net margin of 24.77% and a return on equity of 28.92%. The business had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. Equities research analysts forecast that CSX Co. will post 1.84 EPS for the current year.

Hedge Funds Weigh In On CSX

Hedge funds and other institutional investors have recently made changes to their positions in the company. Versant Capital Management Inc grew its holdings in CSX by 99.1% during the fourth quarter. Versant Capital Management Inc now owns 3,028 shares of the transportation company’s stock worth $98,000 after purchasing an additional 1,507 shares during the period. SK Wealth Management LLC bought a new stake in CSX in the 3rd quarter valued at $701,000. Principal Financial Group Inc. lifted its holdings in CSX by 3.4% during the 3rd quarter. Principal Financial Group Inc. now owns 2,348,543 shares of the transportation company’s stock valued at $81,095,000 after purchasing an additional 77,488 shares during the last quarter. Brass Tax Wealth Management Inc. boosted its position in CSX by 3.5% during the third quarter. Brass Tax Wealth Management Inc. now owns 13,000 shares of the transportation company’s stock worth $449,000 after purchasing an additional 444 shares during the period. Finally, Beaird Harris Wealth Management LLC lifted its stake in shares of CSX by 6,689.2% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 2,512 shares of the transportation company’s stock worth $87,000 after buying an additional 2,475 shares during the last quarter. 73.57% of the stock is owned by institutional investors.

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.