Pinnacle Associates Ltd. Grows Position in Canadian National Railway (NYSE:CNI)

Pinnacle Associates Ltd. boosted its position in Canadian National Railway (NYSE:CNI) (TSE:CNR) by 3.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 103,395 shares of the transportation company’s stock after purchasing an additional 3,242 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Canadian National Railway were worth $12,990,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Canadian National Railway during the 2nd quarter valued at about $26,000. Addison Advisors LLC increased its stake in shares of Canadian National Railway by 159.1% during the second quarter. Addison Advisors LLC now owns 241 shares of the transportation company’s stock valued at $28,000 after purchasing an additional 148 shares in the last quarter. Fortitude Family Office LLC boosted its position in shares of Canadian National Railway by 738.7% in the 3rd quarter. Fortitude Family Office LLC now owns 260 shares of the transportation company’s stock worth $30,000 after purchasing an additional 229 shares in the last quarter. ORG Partners LLC bought a new position in Canadian National Railway during the 2nd quarter valued at approximately $34,000. Finally, Daiwa Securities Group Inc. bought a new stake in Canadian National Railway in the first quarter worth $64,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Canadian National Railway Stock Performance

CNI traded up $0.09 during trading on Wednesday, hitting $110.38. The company’s stock had a trading volume of 206,142 shares, compared to its average volume of 1,108,088. The business’s 50 day simple moving average is $115.81 and its 200-day simple moving average is $119.11. The firm has a market cap of $69.41 billion, a PE ratio of 17.67, a P/E/G ratio of 2.49 and a beta of 0.88. Canadian National Railway has a one year low of $105.17 and a one year high of $134.02. The company has a quick ratio of 0.49, a current ratio of 0.64 and a debt-to-equity ratio of 0.96.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last announced its earnings results on Tuesday, October 22nd. The transportation company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.02. Canadian National Railway had a return on equity of 23.62% and a net margin of 31.65%. The company had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Canadian National Railway’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the firm earned $1.26 EPS. As a group, sell-side analysts predict that Canadian National Railway will post 5.54 EPS for the current fiscal year.

Canadian National Railway Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a $0.6108 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.21%. Canadian National Railway’s payout ratio is currently 39.90%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Barclays lifted their price target on Canadian National Railway from $120.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Stephens reiterated an “equal weight” rating and issued a $116.00 target price on shares of Canadian National Railway in a research note on Wednesday, October 23rd. Citigroup raised their price target on shares of Canadian National Railway from $125.00 to $126.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. The Goldman Sachs Group lowered their price objective on Canadian National Railway from $131.00 to $124.00 and set a “sell” rating on the stock in a research report on Wednesday, October 9th. Finally, Sanford C. Bernstein decreased their price target on Canadian National Railway from $130.67 to $126.29 and set a “market perform” rating for the company in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian National Railway currently has an average rating of “Hold” and a consensus price target of $125.18.

About Canadian National Railway

Canadian National Railway Company, together with its subsidiaries, engages in the rail, intermodal, trucking, and marine transportation and logistics business in Canada and the United States. The company provides rail services, which include equipment, custom brokerage services, transloading and distribution, business development and real estate, and private car storage services; and intermodal services, such as temperature controlled cargo, port partnerships, and logistics parks.