Seaport Global Securities Comments on Canadian National Railway’s FY2017 Earnings (CNI)
Canadian National Railway (NYSE:CNI) (TSE:CNR) – Analysts at Seaport Global Securities decreased their FY2017 earnings per share estimates for Canadian National Railway in a research report issued on Friday. Seaport Global Securities analyst M. Levin now forecasts that the transportation company will post earnings per share of $3.91 for the year, down from their prior forecast of $4.01. Seaport Global Securities also issued estimates for Canadian National Railway’s Q4 2017 earnings at $0.95 EPS, FY2018 earnings at $4.25 EPS and FY2019 earnings at $4.75 EPS.
CNI has been the topic of a number of other reports. Zacks Investment Research lowered shares of Canadian National Railway from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 26th. Deutsche Bank began coverage on shares of Canadian National Railway in a report on Wednesday, November 1st. They issued a “sell” rating and a $73.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating on shares of Canadian National Railway in a research note on Wednesday, October 25th. CIBC upgraded shares of Canadian National Railway from a “neutral” rating to a “sector outperform” rating in a research note on Wednesday, November 8th. Finally, TD Securities upgraded shares of Canadian National Railway from a “hold” rating to a “buy” rating in a research note on Thursday, November 30th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. Canadian National Railway has an average rating of “Hold” and a consensus target price of $79.67.
Canadian National Railway declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 24th that allows the company to buyback 31,000,000 outstanding shares. This buyback authorization allows the transportation company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 8th will be paid a dividend of $0.3304 per share. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Thursday, December 7th. Canadian National Railway’s dividend payout ratio (DPR) is currently 32.75%.
A number of institutional investors have recently modified their holdings of CNI. Harding Loevner LP grew its position in Canadian National Railway by 2,838.1% during the 3rd quarter. Harding Loevner LP now owns 180,965,047 shares of the transportation company’s stock worth $366,305,000 after purchasing an additional 174,805,844 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Canadian National Railway by 363.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 5,913,974 shares of the transportation company’s stock worth $479,249,000 after purchasing an additional 4,636,737 shares during the last quarter. Vanguard Group Inc. grew its position in Canadian National Railway by 15.5% during the 2nd quarter. Vanguard Group Inc. now owns 16,793,837 shares of the transportation company’s stock worth $1,361,140,000 after purchasing an additional 2,251,612 shares during the last quarter. William Blair Investment Management LLC grew its position in Canadian National Railway by 34.7% during the 2nd quarter. William Blair Investment Management LLC now owns 4,474,642 shares of the transportation company’s stock worth $362,542,000 after purchasing an additional 1,152,495 shares during the last quarter. Finally, APG Asset Management N.V. grew its position in Canadian National Railway by 50.6% during the 3rd quarter. APG Asset Management N.V. now owns 1,720,175 shares of the transportation company’s stock worth $142,193,000 after purchasing an additional 578,200 shares during the last quarter. 53.83% of the stock is currently owned by institutional investors.
Canadian National Railway Company Profile
Canadian National Railway Company is engaged in the rail and related transportation business. The Company’s network of approximately 20,000 route miles of track spans Canada and mid-America, connecting approximately three coasts, including the Atlantic, the Pacific and the Gulf of Mexico and serving the cities and ports of Vancouver, Prince Rupert (British Columbia), Montreal, Halifax, New Orleans, and Mobile (Alabama), and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth (Minnesota)/Superior (Wisconsin), and Jackson (Mississippi), with connections to all points in North America.
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