M&T Bank Corp Sells 23,411 Shares of CSX Corporation (NASDAQ:CSX)

M&T Bank Corp reduced its position in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 449,922 shares of the transportation company's stock after selling 23,411 shares during the quarter. M&T Bank Corp's holdings in CSX were worth $13,241,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in shares of CSX during the 4th quarter worth approximately $780,194,000. Ameriprise Financial Inc. boosted its position in shares of CSX by 89.7% during the 4th quarter. Ameriprise Financial Inc. now owns 20,856,567 shares of the transportation company's stock worth $673,025,000 after purchasing an additional 9,863,587 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of CSX by 471.9% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,748,661 shares of the transportation company's stock worth $217,808,000 after purchasing an additional 5,568,624 shares during the period. Fiduciary Management Inc. WI purchased a new position in shares of CSX during the 4th quarter worth approximately $178,259,000. Finally, Bank of New York Mellon Corp boosted its position in shares of CSX by 21.6% during the 1st quarter. Bank of New York Mellon Corp now owns 28,383,830 shares of the transportation company's stock worth $835,336,000 after purchasing an additional 5,033,743 shares during the period. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Stock Performance

Shares of CSX stock traded up $0.21 during midday trading on Thursday, hitting $33.54. The company had a trading volume of 9,782,513 shares, compared to its average volume of 13,307,618. The business's 50 day simple moving average is $31.51 and its two-hundred day simple moving average is $31.09. The stock has a market cap of $63.01 billion, a PE ratio of 20.08, a P/E/G ratio of 2.93 and a beta of 1.23. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.88 and a quick ratio of 0.75. CSX Corporation has a 1-year low of $26.22 and a 1-year high of $37.10.

CSX (NASDAQ:CSX - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The transportation company reported $0.34 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.05). CSX had a return on equity of 26.42% and a net margin of 22.66%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.53 billion. As a group, equities analysts predict that CSX Corporation will post 1.83 EPS for the current fiscal year.

CSX Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.55%. CSX's payout ratio is presently 31.14%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CSX. Jefferies Financial Group reduced their price objective on shares of CSX from $37.00 to $33.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. JPMorgan Chase & Co. lifted their price target on shares of CSX from $31.00 to $34.00 and gave the stock an "overweight" rating in a research note on Tuesday. Evercore ISI cut their price target on shares of CSX from $35.00 to $33.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. BMO Capital Markets cut their price target on shares of CSX from $36.00 to $35.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. Finally, Susquehanna reiterated a "neutral" rating and set a $35.00 price target on shares of CSX in a research note on Tuesday, June 24th. Nine equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $34.64.

About CSX

CSX Corporation, together with its subsidiaries, provides rail-based freight transportation services. The company offers rail services; and transportation of intermodal containers and trailers, as well as other transportation services, such as rail-to-truck transfers and bulk commodity operations. It also transports chemicals, agricultural and food products, minerals, automotive, forest products, fertilizers, and metals and equipment; and coal, coke, and iron ore to electricity-generating power plants, steel manufacturers, and industrial plants, as well as exports coal to deep-water port facilities.