Canadian National Railway (CNI) Receives Average Rating of “Hold” from Brokerages
Shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) have earned a consensus rating of “Hold” from the nineteen brokerages that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $77.14.
Several analysts have recently issued reports on the company. Zacks Investment Research raised Canadian National Railway from a “sell” rating to a “hold” rating in a report on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Canadian National Railway in a report on Wednesday, October 25th. TD Securities raised Canadian National Railway from a “hold” rating to a “buy” rating in a report on Thursday, November 30th. They noted that the move was a valuation call. Stifel Nicolaus reaffirmed a “hold” rating and set a $89.00 price objective on shares of Canadian National Railway in a report on Friday, October 6th. Finally, Cowen reaffirmed a “buy” rating and set a $83.00 price objective on shares of Canadian National Railway in a report on Sunday, September 24th.
Large investors have recently added to or reduced their stakes in the stock. Jarislowsky Fraser Ltd grew its position in Canadian National Railway by 0.3% in the 3rd quarter. Jarislowsky Fraser Ltd now owns 10,255,502 shares of the transportation company’s stock valued at $847,732,000 after acquiring an additional 25,974 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Canadian National Railway by 82.0% in the third quarter. Oppenheimer & Co. Inc. now owns 91,516 shares of the transportation company’s stock valued at $7,582,000 after buying an additional 41,233 shares during the last quarter. Eaton Vance Management raised its stake in Canadian National Railway by 5,323.4% in the second quarter. Eaton Vance Management now owns 203,757 shares of the transportation company’s stock valued at $16,515,000 after buying an additional 200,000 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Canadian National Railway by 5.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 122,795 shares of the transportation company’s stock valued at $9,952,000 after buying an additional 5,955 shares during the last quarter. Finally, FDx Advisors Inc. raised its stake in Canadian National Railway by 20.2% in the third quarter. FDx Advisors Inc. now owns 26,238 shares of the transportation company’s stock valued at $2,174,000 after buying an additional 4,411 shares during the last quarter. Institutional investors own 53.73% of the company’s stock.
Canadian National Railway announced that its board has authorized a stock buyback plan on Tuesday, October 24th that authorizes the company to buyback 31,000,000 outstanding shares. This buyback authorization authorizes the transportation company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 8th were issued a dividend of $0.3304 per share. This represents a $1.32 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Thursday, December 7th. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.33. Canadian National Railway’s dividend payout ratio is presently 32.03%.
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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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