BlackRock Fund Advisors recently announced the acquisition of new stake in CSX Corp. (NASDAQ:CSX). The institutional investor has increased its shareholding in the Industrials company by 0.69% to 87.34 million shares with purchase of 0.6 million shares. This fresh investment now brings its stake to 4.42% valued currently at $2.82 billion. In addition, T. Rowe Price Associates, Inc. raised its holdings by 8.47 million to 50.9 million shares. And Geode Capital Management LLC has lifted its position by 0.36% or 0.14 million shares – to 39.06 million shares.
With over 32.62 million CSX Corp. (CSX) shares trading Friday and a closing price of $34.00 on the day, the dollar volume was approximately $1.11 billion. The shares have shown a positive half year performance of 2.38% and its price on 12/15/23 gained nearly 0.47%. Currently, there are 2.07B common shares owned by the public and among those 1.97B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for CSX have a consensus price objective of $36.31. 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 6.36% above its recent price level and a downside to the estimated low will see the stock lose -36.0% over that period. But an upside of 19.05% 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 38 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 606,737 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 Corp. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Washington Mutual Investors Fund. Vanguard Total Stock Market ETF owns 62.78 million shares of the company’s stock, all valued at over $2.03 billion. The company bought an additional 0.3 million shares recently to bring their total holdings to about 3.18% of the shares outstanding. Vanguard 500 Index Fund bought 0.23 million shares to see its total holdings expand to 48.45 million shares valued at over $1.56 billion and representing 2.45% of the shares outstanding. Washington Mutual Investors Fund sold -5.28 million shares to bring its total holdings to over 42.7 million shares at a value of $1.38 billion. Washington Mutual Investors Fund now owns shares totaling to 2.16% of the shares outstanding.
Shares of CSX Corp. (NASDAQ: CSX) opened at $33.76, down -$0.08 from a prior closing price of $33.84. However, the script later moved the day high at 34.08, up 0.47%. The company’s stock has a 5-day price change of 3.16% and 9.32% over the past three months. CSX shares are trading 9.75% year to date (YTD), with the 12-month market performance up to 4.07% higher. It has a 12-month low price of $27.60 and touched a high of $34.38 over the same period. CSX has an average intraday trading volume of 13.11 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 3.93%, 8.33%, and 8.52% respectively.
Institutional ownership of CSX Corp. (NASDAQ: CSX) shares accounts for 75.80% of the company’s 2.07B shares outstanding. Mutual fund holders own 33.65%, while other institutional holders and individual stakeholders account for 42.39% and 3.30% respectively.
It has a market capitalization of $67.19B and a beta (3y monthly) value of 1.17. The stock’s trailing 12-month PE ratio is 18.05, while the earnings-per-share (ttm) stands at $1.88. The company has a PEG of 2.68 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 1.59. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.35% over the week and 1.49% over the month.
Analysts forecast that CSX Corp. (CSX) will achieve an EPS of $0.44 for the current quarter, $0.46 for the next quarter and $1.99 for 2024. The lowest estimate earnings-per-share for the quarter is $0.42 while analysts give the company a high EPS estimate of $0.48. Comparatively, EPS for the current quarter was $0.47 a year ago. Earnings per share for the fiscal year are expected to decrease by -6.11%, and 8.47% over the next financial year. EPS should grow at an annualized rate of 6.73% over the next five years, compared to -0.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate CSX Corp. (CSX) as a “Strong Buy” at a consensus score of 1.71. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 8 of the 28 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. JP Morgan stated their Overweight rating for the stock in a research note on October 11, 2023, with the firm’s price target at $37-$40.
