Capital Research & Management Co recently announced the acquisition of new stake in CSX Corporation (NASDAQ:CSX). The institutional investor has increased its shareholding in the Industrials company by 1.60% to 87.78 million shares with purchase of 1.38 million shares. This fresh investment now brings its stake to 4.38% valued currently at $2.65 billion. In addition, Capital Research & Management Co raised its holdings by 20.13 million to 31.24 million shares.
With over 25.5 million CSX Corporation (CSX) shares trading Friday and a closing price of $30.85 on the day, the dollar volume was approximately $786.62 million. The shares have shown a positive half year performance of 5.18% and its price on 09/15/23 lost nearly -0.61%. Currently, there are 2.02B common shares owned by the public and among those 2.00B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 29 analysts who have offered their price forecasts for CSX have a consensus price objective of $36.39. The analysts have set the share’s price value over the next 12 months at a high of $42.00 and a low of $25.00. The average price target is 15.25% above its recent price level and a downside to the estimated low will see the stock lose -23.4% over that period. But an upside of 26.55% will see the stock hit the forecast high price target while median target price for the stock is $37.00.
Insiders at the company have transacted a total of 37 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 686,115 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 230,141 shares.
The top 3 mutual fund holders in CSX Corporation are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Washington Mutual Investors Fund. Vanguard Total Stock Market ETF owns 63.36 million shares of the company’s stock, all valued at over $1.91 billion. The company bought an additional 20017.0 shares recently to bring their total holdings to about 3.16% of the shares outstanding. Vanguard 500 Index Fund bought 0.28 million shares to see its total holdings expand to 48.96 million shares valued at over $1.48 billion and representing 2.44% of the shares outstanding. Washington Mutual Investors Fund bought 7.79 million shares to bring its total holdings to over 47.98 million shares at a value of $1.45 billion. Washington Mutual Investors Fund now owns shares totaling to 2.39% of the shares outstanding.
Shares of CSX Corporation (NASDAQ: CSX) opened at $31.05, up $0.01 from a prior closing price of $31.04. However, the script later moved the day high at 31.20, down -0.61%. The company’s stock has a 5-day price change of 3.01% and -8.08% over the past three months. CSX shares are trading -0.42% year to date (YTD), with the 12-month market performance down to -1.22% lower. It has a 12-month low price of $25.80 and touched a high of $34.38 over the same period. CSX has an average intraday trading volume of 12.89 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.25%, -2.87%, and -1.78% respectively.
Institutional ownership of CSX Corporation (NASDAQ: CSX) shares accounts for 76.00% of the company’s 2.02B shares outstanding. Mutual fund holders own 33.59%, while other institutional holders and individual stakeholders account for 42.69% and 3.25% respectively.
It has a market capitalization of $62.28B and a beta (3y monthly) value of 1.22. The stock’s trailing 12-month PE ratio is 15.56, while the earnings-per-share (ttm) stands at $1.98. The company has a PEG of 2.05 and a Quick Ratio of 1.20 with the debt-to-equity ratio at 1.46. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.72% over the week and 1.75% over the month.
Analysts forecast that CSX Corporation (CSX) will achieve an EPS of $0.46 for the current quarter, $0.46 for the next quarter and $2.03 for 2024. The lowest estimate earnings-per-share for the quarter is $0.41 while analysts give the company a high EPS estimate of $0.5. Comparatively, EPS for the current quarter was $0.51 a year ago. Earnings per share for the fiscal year are expected to increase by 16.00%, and 7.79% over the next financial year. EPS should shrink at an annualized rate of 7.57% over the next five years, compared to 22.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 29 brokerage firm advisors rate CSX Corporation (CSX) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 10 of the 29 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CSX, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on September 08, 2023, with the firm’s price target at $34-$36.