Street Calls of the Week
CSX Corporation (NASDAQ:CSX) announced Thursday that it has completed a public offering of $300 million in aggregate principal amount of its 5.050% notes due 2035. The new notes constitute a further issuance and will form a single series with CSX’s outstanding 5.050% notes due 2035, originally issued on March 10, 2025, in an initial principal amount of $600 million.
According to a statement based on a Securities and Exchange Commission filing, the notes were issued under an indenture dated August 1, 1990, as supplemented through various amendments, with The Bank of New York Mellon Trust Company, N.A. acting as trustee. The issuance was authorized by the company’s pricing officers on Monday.
The offering was conducted pursuant to CSX’s shelf registration statement on Form S-3ASR (Registration No. 333-285319), which became effective February 27, 2025. On Wednesday, CSX filed its prospectus and prospectus supplement with the SEC in connection with the sale of the notes.
The company’s common stock is listed on The Nasdaq Stock Market LLC under the symbol CSX. CSX is incorporated in Virginia with principal executive offices in Jacksonville, Florida.
This report is based on a statement in a filing with the Securities and Exchange Commission.
In other recent news, CSX Corporation’s third-quarter earnings report has drawn significant attention from analysts and investors alike. The company reported adjusted earnings per share of $0.44, surpassing both the consensus estimate and the forecasts of several analyst firms, including UBS and Benchmark. UBS noted that, excluding $35 million in severance and advisory costs, CSX’s adjusted earnings were $0.45 per share, which contributed to the firm raising its price target from $44 to $45 while maintaining a Buy rating. Similarly, Jefferies increased its price target from $40 to $42, acknowledging the company’s solid performance despite restructuring charges.
RBC Capital also maintained its positive outlook on CSX, keeping a $41 price target and highlighting a turnaround in operational performance as a key factor. Additionally, CSX’s recent developments include the ousting of CEO Joe Hinrichs, reportedly due to his handling of a potential merger approach from Union Pacific and disputes over his compensation. These events underscore a period of significant change and evaluation within the company. Investors are closely monitoring these developments as CSX navigates through its operational and leadership challenges.
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