M&T Bank Corp Lowers Stock Holdings in CSX Corporation (NASDAQ:CSX)

M&T Bank Corp trimmed its holdings in shares of CSX Corporation (NASDAQ:CSX - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 449,922 shares of the transportation company's stock after selling 23,411 shares during the period. M&T Bank Corp's holdings in CSX were worth $13,241,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Marshall & Sterling Wealth Advisors Inc. purchased a new position in CSX in the fourth quarter worth about $27,000. Rossby Financial LCC purchased a new position in CSX in the first quarter worth about $28,000. Accredited Wealth Management LLC bought a new position in shares of CSX in the fourth quarter worth about $29,000. Fourth Dimension Wealth LLC bought a new position in shares of CSX in the fourth quarter worth about $29,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new position in shares of CSX in the first quarter worth about $30,000. Institutional investors own 73.57% of the company's stock.

Analyst Ratings Changes

CSX has been the topic of several recent analyst reports. Robert W. Baird began coverage on CSX in a research note on Tuesday, July 1st. They set an "outperform" rating and a $38.00 target price on the stock. Evercore ISI cut their target price on CSX from $35.00 to $33.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. Bank of America boosted their target price on CSX from $33.00 to $35.00 and gave the company a "neutral" rating in a research report on Friday, June 13th. Barclays cut their target price on CSX from $35.00 to $31.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Wells Fargo & Company boosted their price objective on CSX from $28.00 to $35.00 and gave the company an "equal weight" rating in a report on Monday. Nine equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, CSX has an average rating of "Moderate Buy" and a consensus target price of $34.41.

CSX Stock Performance

Shares of CSX traded up $0.44 during mid-day trading on Thursday, reaching $33.77. The company had a trading volume of 3,375,453 shares, compared to its average volume of 13,263,964. CSX Corporation has a 52-week low of $26.22 and a 52-week high of $37.10. The company has a quick ratio of 0.75, a current ratio of 0.88 and a debt-to-equity ratio of 1.52. The stock has a market capitalization of $63.43 billion, a P/E ratio of 20.22, a PEG ratio of 2.93 and a beta of 1.23. The stock has a 50 day moving average of $31.51 and a two-hundred day moving average of $31.09.

CSX (NASDAQ:CSX - Get Free Report) last released 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 during the quarter, compared to analyst estimates of $3.53 billion. On average, analysts expect that CSX Corporation will post 1.83 earnings per share for the current year.

CSX Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were given a $0.13 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.52 annualized dividend and a yield of 1.54%. CSX's payout ratio is 31.14%.

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.