Bank of Nova Scotia Lowers Holdings in Canadian National Railway Company $CNI

Bank of Nova Scotia lowered its stake in shares of Canadian National Railway Company (NYSE:CNI) (TSE:CNR) by 50.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,397,099 shares of the transportation company’s stock after selling 1,429,311 shares during the quarter. Bank of Nova Scotia’s holdings in Canadian National Railway were worth $143,761,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Gibbs Wealth Management acquired a new stake in shares of Canadian National Railway in the first quarter worth approximately $861,000. State of Wyoming increased its position in Canadian National Railway by 12.9% during the first quarter. State of Wyoming now owns 8,612 shares of the transportation company’s stock worth $884,000 after purchasing an additional 986 shares during the last quarter. Westpac Banking Corp purchased a new position in Canadian National Railway during the first quarter worth approximately $195,000. Saturna Capital Corp raised its stake in Canadian National Railway by 4.2% during the first quarter. Saturna Capital Corp now owns 400,263 shares of the transportation company’s stock worth $41,135,000 after purchasing an additional 16,049 shares during the period. Finally, Oslo Pensjonsforsikring AS acquired a new position in shares of Canadian National Railway in the 1st quarter valued at $400,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CNI. Citigroup boosted their price objective on shares of Canadian National Railway from $124.00 to $141.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Susquehanna reissued a “neutral” rating and set a $140.00 price target (up from $138.00) on shares of Canadian National Railway in a research report on Tuesday, July 14th. Canadian Imperial Bank of Commerce upped their price target on Canadian National Railway from C$182.00 to C$185.00 and gave the stock an “outperformer” rating in a research note on Thursday, June 25th. Citizens Jmp started coverage on Canadian National Railway in a research note on Wednesday, July 15th. They issued a “market perform” rating on the stock. Finally, Barclays lifted their price objective on Canadian National Railway from $99.00 to $109.00 and gave the company an “equal weight” rating in a research note on Thursday, June 25th. Eight investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Canadian National Railway has a consensus rating of “Moderate Buy” and a consensus target price of $132.12.

Canadian National Railway Price Performance

Shares of NYSE CNI opened at $130.54 on Friday. Canadian National Railway Company has a 1-year low of $90.74 and a 1-year high of $131.21. The business has a 50-day moving average of $119.80 and a 200-day moving average of $110.51. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.67 and a quick ratio of 0.49. The company has a market capitalization of $79.11 billion, a price-to-earnings ratio of 23.73, a PEG ratio of 2.44 and a beta of 0.96.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last announced its earnings results on Wednesday, April 29th. The transportation company reported $1.31 EPS for the quarter, meeting the consensus estimate of $1.31. The business had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $3.15 billion. Canadian National Railway had a return on equity of 21.90% and a net margin of 27.22%.The company’s revenue was down .5% on a year-over-year basis. During the same period last year, the business posted $1.85 EPS. On average, equities analysts anticipate that Canadian National Railway Company will post 5.67 EPS for the current fiscal year.

Canadian National Railway Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 9th were given a $0.915 dividend. The ex-dividend date of this dividend was Tuesday, June 9th. This represents a $3.66 annualized dividend and a yield of 2.8%. Canadian National Railway’s dividend payout ratio (DPR) is 48.55%.

Canadian National Railway Profile

Canadian National Railway Company (NYSE: CNI) is a Class I freight railway that operates an integrated rail network across Canada and the United States. Headquartered in Montreal, Quebec, CN provides long-haul freight transportation and related logistics services that connect major ports, industrial centers and inland markets throughout North America. Its transcontinental system enables cross-border movement of goods and supports supply chains that span coast-to-coast in Canada and into the central and eastern United States.

CN’s core business is the railborne transportation of a broad mix of commodities, including intermodal container traffic, forest and paper products, grain and other agricultural products, metallurgical and industrial products, petroleum and chemical products, coal and automotive shipments.