1832 Asset Management L.P. Cuts Holdings in Canadian National Railway Company $CNI

1832 Asset Management L.P. reduced its position in shares of Canadian National Railway Company (NYSE:CNI) (TSE:CNR) by 5.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,622,973 shares of the transportation company’s stock after selling 620,539 shares during the quarter. Canadian National Railway accounts for approximately 0.9% of 1832 Asset Management L.P.’s investment portfolio, making the stock its 11th biggest holding. 1832 Asset Management L.P.’s holdings in Canadian National Railway were worth $1,105,214,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Founders Capital Management LLC purchased a new stake in shares of Canadian National Railway in the second quarter valued at approximately $3,335,000. TD Asset Management Inc grew its stake in Canadian National Railway by 2.3% in the 2nd quarter. TD Asset Management Inc now owns 12,072,540 shares of the transportation company’s stock valued at $1,255,385,000 after acquiring an additional 273,974 shares during the period. Goldman Sachs Group Inc. increased its holdings in Canadian National Railway by 39.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,664,618 shares of the transportation company’s stock worth $259,694,000 after acquiring an additional 755,518 shares in the last quarter. Cardinal Capital Management Inc. raised its position in Canadian National Railway by 3.1% during the second quarter. Cardinal Capital Management Inc. now owns 731,350 shares of the transportation company’s stock worth $76,178,000 after acquiring an additional 22,035 shares during the period. Finally, Logan Capital Management Inc. lifted its holdings in Canadian National Railway by 50.7% during the first quarter. Logan Capital Management Inc. now owns 26,486 shares of the transportation company’s stock valued at $2,581,000 after purchasing an additional 8,916 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CNI has been the subject of a number of research reports. Wells Fargo & Company cut their target price on shares of Canadian National Railway from $117.00 to $110.00 and set an “overweight” rating for the company in a research note on Monday, October 6th. Zacks Research upgraded Canadian National Railway from a “strong sell” rating to a “hold” rating in a research note on Friday, November 28th. Evercore ISI raised their target price on Canadian National Railway from $98.00 to $103.00 and gave the company an “in-line” rating in a research report on Monday, November 3rd. Barclays dropped their price target on Canadian National Railway from $99.00 to $97.00 and set an “equal weight” rating for the company in a research report on Thursday, October 2nd. Finally, Citigroup raised their price objective on Canadian National Railway from $119.00 to $120.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $117.36.

Canadian National Railway Price Performance

Canadian National Railway stock opened at $96.03 on Wednesday. The company has a current ratio of 0.60, a quick ratio of 0.42 and a debt-to-equity ratio of 0.92. The company has a 50-day moving average price of $94.91 and a 200 day moving average price of $97.87. Canadian National Railway Company has a 12-month low of $90.74 and a 12-month high of $111.67. The stock has a market cap of $59.20 billion, a P/E ratio of 18.22, a PEG ratio of 2.16 and a beta of 0.96.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last posted its quarterly earnings results on Friday, October 31st. The transportation company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.05. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $4.15 billion. Canadian National Railway had a net margin of 26.86% and a return on equity of 21.50%. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.72 EPS. Sell-side analysts anticipate that Canadian National Railway Company will post 5.52 earnings per share for the current year.

Canadian National Railway Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Tuesday, December 9th will be paid a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.7%. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Tuesday, December 9th. Canadian National Railway’s payout ratio is 49.53%.

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.