Traders Purchase High Volume of Put Options on CSX Corporation (CSX)

Alain Brian
Août 11, 2017

BidaskClub cut CSX Corporation from a "hold" rating to a "sell" rating in a report on Monday, July 31st. The company has outperformed the industry it belongs to as well as fellow railroad operator Union Pacific in the period.

CSX has been the topic of several other research reports. The stock had a trading volume of 7,081,760 shares. However, the company's third-quarter outlook on its automotive unit raises concerns. Credit Suisse Group restated a buy rating and issued a $65.00 target price on shares of CSX Corporation in a report on Friday, July 14th. TD Securities reaffirmed a "buy" rating and issued a $64.00 price objective (up from $57.00) on shares of CSX Corporation in a research note on Friday, April 21st. Finally, Cowen and Company reaffirmed a "hold" rating and issued a $54.00 price target on shares of CSX Corporation in a research note on Friday, July 28th. One investment analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation and nineteen have assigned a buy recommendation to the company. Deutsche Bank AG reiterated a "buy" recommendation on stocks of CSX Corporation in a study report on early Wed, Aug 2nd.

Shares of CSX Corporation (NASDAQ CSX) traded down 1.38% during trading on Thursday, hitting $50.00. The company has a 50 day moving average of $52.36 and a 200-day moving average of $50.19. The firm has a market capitalization of $45.52 billion, a PE ratio of 26.07 and a beta of 1.30. The value of the total investment in CSX Corporation went from $11,596,000 to $27,363,000 increasing 136.0% quarter to quarter.

CSX Corporation (NASDAQ:CSX) last posted its earnings results on Tuesday, July 18th. The transportation company reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.59 by $0.05. CSX Corporation had a net margin of 15.46% and a return on equity of 16.93%. The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.85 billion. During the same quarter a year ago, the business posted $0.47 EPS. The business's quarterly revenue was up 8.5% compared to the same quarter past year. On average, analysts anticipate that CSX Corporation will post $2.30 earnings per share for the current year. If you are viewing this news story on another website, it was illegally stolen and republished in violation of U.S. & worldwide copyright laws. If you are reading this report on another website, it was copied illegally and reposted in violation of U.S. & worldwide trademark & copyright laws. The correct version of this report can be read at https://www.thestockobserver.com/2017/08/10/csx-corporation-csx-position-lowered-by-salem-investment-counselors-inc-updated.html.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors with a record date on Early Thur, Aug 31st will be paid a $0.20 dividend. this indicates a $0.80 annual dividend and a payout of of 1.58%. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Tuesday, August 29th.

CSX Corporation announced that its board has initiated a share repurchase program on Thursday, April 20th that authorizes the company to repurchase $1.00 billion in shares. This buyback authorization allows the transportation company to reacquire up to 2.2% of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

In other CSX Corporation news, Director Ridge Lp Mantle acquired 1,357,000 shares of CSX Corporation stock in a transaction that occurred on Friday, July 21st. Following the acquisition, the director now owns 106 shares of the company's stock, valued at $5,468.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

A number of hedge funds have recently modified their holdings of CSX. Financial Architects Inc raised its position in shares of CSX Corporation by 1.9% in the first quarter. LBA Wealth Management has an ownership of 2,619 stocks of the transportation firms shares valued at $122,000 after scooping up an extra 2,000 shares through out the previous quarter, Financial Architects raised its position in CSX Corporation by 1.9% in the Q1. Assetmark raised its position in CSX Corporation by 8.7% in the Q1. Chevy Chase Trust Holdings Inc. now owns 847,232 shares of the transportation company's stock worth $39,439,000 after buying an additional 16,167 shares in the last quarter. Lincoln Capital Corp purchased a new position in CSX Corporation during the fourth quarter worth about $4,602,000. Eaton Vance Management boosted its stake in shares of CSX Corporation by 6.9% in the second quarter. Parallel Advisors LLC now owns 2,194 shares of the transportation company's stock worth $108,000 after buying an additional 285 shares during the period. MCF Advisors LLC boosted its stake in shares of CSX Corporation by 0.3% in the first quarter. MCF Advisors LLC now owns 2,832 shares of the transportation company's stock worth $132,000 after buying an additional 9 shares during the period.

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