M&T Bank Corp Decreases Stake in CSX Corporation (NASDAQ:CSX)

M&T Bank Corp reduced its stake in CSX Corporation (NASDAQ:CSX - Free Report) by 4.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Portside Wealth Group LLC grew its stake in shares of CSX by 1.3% during the 1st quarter. Portside Wealth Group LLC now owns 27,335 shares of the transportation company's stock worth $804,000 after purchasing an additional 361 shares during the period. Ullmann Wealth Partners Group LLC grew its stake in shares of CSX by 1.3% during the 1st quarter. Ullmann Wealth Partners Group LLC now owns 29,276 shares of the transportation company's stock worth $862,000 after purchasing an additional 363 shares during the period. Family Legacy Inc. grew its stake in shares of CSX by 0.6% during the 4th quarter. Family Legacy Inc. now owns 68,009 shares of the transportation company's stock worth $2,190,000 after purchasing an additional 375 shares during the period. Patrick M Sweeney & Associates Inc. grew its stake in shares of CSX by 1.2% during the 1st quarter. Patrick M Sweeney & Associates Inc. now owns 32,205 shares of the transportation company's stock worth $948,000 after purchasing an additional 378 shares during the period. Finally, Faithward Advisors LLC grew its stake in shares of CSX by 1.7% during the 4th quarter. Faithward Advisors LLC now owns 23,841 shares of the transportation company's stock worth $769,000 after purchasing an additional 392 shares during the period. 73.57% of the stock is owned by hedge funds and other institutional investors.

CSX Stock Up 1.7%

CSX stock traded up $0.56 during midday trading on Friday, reaching $34.10. 27,259,121 shares of the company were exchanged, compared to its average volume of 13,363,199. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.75 and a current ratio of 0.88. CSX Corporation has a 1-year low of $26.22 and a 1-year high of $37.10. The stock's 50-day simple moving average is $31.62 and its 200 day simple moving average is $31.10. The company has a market cap of $64.06 billion, a price-to-earnings ratio of 20.42, a price-to-earnings-growth ratio of 2.93 and a beta of 1.23.

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

CSX Announces Dividend

The company 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 dividend on an annualized basis and a yield of 1.52%. CSX's dividend payout ratio (DPR) is 31.14%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CSX shares. BMO Capital Markets dropped 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. Citigroup lifted their price target on shares of CSX from $36.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday. Barclays lifted their price target on shares of CSX from $31.00 to $36.00 and gave the company an "overweight" rating in a research note on Thursday. Susquehanna restated a "neutral" rating and issued a $35.00 price objective on shares of CSX in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $35.00 price objective on shares of CSX in a report on Monday, June 2nd. Nine analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $34.64.

CSX Profile

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.