Shares of CSX were down 1.17% at $66.17 in morning trading on Friday after J.P. Morgan analyst Brian Ossenbeck downgraded his recommendation on CSX to neutral from overweight, and lowered his one-year price target to $76 from $83.
The downgrade follows several recent management-change announcements from the Jacksonville, Fla.-based company, including the late-August appointment of Adam Longson as vice president of energy, as well as the appointments this week of Kevin Boone as executive vice president and chief financial officer, and Jamie Boychuk as executive vice president of operations.
Separately, CSX's board on Thursday approved a quarterly dividend of 24 cents a share, payable on Dec. 13, to shareholders of record at the close of business on Nov. 29.
CSX currently has 11 buy ratings, 13 holds, and one sell recommendation. Analysts' one-year price targets range from $56 to $86. The company is expected to post per-share earnings of $1.02 on revenue of $3 billion in its third quarter. CSX will release results on Oct. 17, followed by a conference call.
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