Scheer Rowlett & Associates Investment Management Ltd. grew its stake in Canadian National Railway (NYSE:CNI – Free Report) (TSE:CNR) by 17.7% during the 3rd quarter, Holdings Channel reports. The firm owned 494,511 shares of the transportation company’s stock after purchasing an additional 74,278 shares during the quarter. Canadian National Railway makes up approximately 4.0% of Scheer Rowlett & Associates Investment Management Ltd.’s investment portfolio, making the stock its 8th largest position. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Canadian National Railway were worth $57,900,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Canada Pension Plan Investment Board raised its stake in Canadian National Railway by 92.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 4,505,860 shares of the transportation company’s stock valued at $593,911,000 after purchasing an additional 2,163,820 shares during the last quarter. Capital International Investors grew its position in shares of Canadian National Railway by 18.1% in the first quarter. Capital International Investors now owns 9,003,537 shares of the transportation company’s stock valued at $1,185,647,000 after purchasing an additional 1,379,976 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Canadian National Railway by 4,614.6% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,336,027 shares of the transportation company’s stock worth $157,896,000 after acquiring an additional 1,307,689 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Canadian National Railway in the 2nd quarter valued at about $134,096,000. Finally, 1832 Asset Management L.P. lifted its position in Canadian National Railway by 7.8% in the second quarter. 1832 Asset Management L.P. now owns 9,365,622 shares of the transportation company’s stock valued at $1,106,361,000 after buying an additional 674,536 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.
Canadian National Railway Stock Down 0.4 %
NYSE:CNI traded down $0.40 during trading hours on Wednesday, hitting $106.31. The company’s stock had a trading volume of 121,548 shares, compared to its average volume of 1,116,266. Canadian National Railway has a 52-week low of $106.17 and a 52-week high of $134.02. The company has a current ratio of 0.64, a quick ratio of 0.49 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $66.95 billion, a P/E ratio of 17.12, a price-to-earnings-growth ratio of 2.45 and a beta of 0.89. The stock has a fifty day moving average of $113.69 and a 200-day moving average of $117.47.
Canadian National Railway Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be given a dividend of $0.6108 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.44 annualized dividend and a dividend yield of 2.30%. Canadian National Railway’s dividend payout ratio is presently 39.26%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on CNI shares. Citigroup raised shares of Canadian National Railway from a “neutral” rating to a “buy” rating and boosted their price target for the company from $126.00 to $130.00 in a research note on Tuesday, November 12th. Stifel Nicolaus upped their price target on Canadian National Railway from $130.00 to $132.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd. Susquehanna dropped their price objective on Canadian National Railway from $130.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday, October 23rd. Bank of America lowered Canadian National Railway from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $129.00 to $122.00 in a research note on Friday, October 4th. Finally, Sanford C. Bernstein dropped their target price on Canadian National Railway from $130.67 to $126.29 and set a “market perform” rating for the company in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $125.48.
Check Out Our Latest Analysis on Canadian National Railway
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.
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