Canadian National Railway (NYSE:CNI) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc cut its position in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) by 5.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,547,707 shares of the transportation company’s stock after selling 271,738 shares during the quarter. Canadian National Railway accounts for 1.7% of CIBC Asset Management Inc’s investment portfolio, making the stock its 14th biggest holding. CIBC Asset Management Inc owned approximately 0.72% of Canadian National Railway worth $533,495,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. GQG Partners LLC boosted its stake in shares of Canadian National Railway by 0.8% during the first quarter. GQG Partners LLC now owns 11,424 shares of the transportation company’s stock valued at $1,505,000 after acquiring an additional 93 shares during the last quarter. Grove Bank & Trust raised its stake in shares of Canadian National Railway by 15.3% in the 3rd quarter. Grove Bank & Trust now owns 730 shares of the transportation company’s stock valued at $86,000 after acquiring an additional 97 shares during the period. B. Riley Wealth Advisors Inc. lifted its stake in shares of Canadian National Railway by 2.5% during the first quarter. B. Riley Wealth Advisors Inc. now owns 4,156 shares of the transportation company’s stock worth $547,000 after purchasing an additional 100 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in Canadian National Railway by 1.1% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 9,350 shares of the transportation company’s stock worth $1,105,000 after acquiring an additional 102 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Canadian National Railway by 19.3% in the second quarter. Blue Trust Inc. now owns 648 shares of the transportation company’s stock valued at $77,000 after purchasing an additional 105 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CNI has been the topic of a number of analyst reports. Susquehanna dropped their target price on Canadian National Railway from $130.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. The Goldman Sachs Group cut their target price on Canadian National Railway from $131.00 to $124.00 and set a “sell” rating on the stock in a research report on Wednesday, October 9th. Royal Bank of Canada upgraded shares of Canadian National Railway from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Veritas raised shares of Canadian National Railway from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 23rd. Finally, Wells Fargo & Company raised shares of Canadian National Railway from an “equal weight” rating to an “overweight” rating and set a $125.00 price target on the stock in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, four have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $125.48.

Canadian National Railway Stock Performance

Shares of NYSE CNI opened at $110.07 on Friday. Canadian National Railway has a 12-month low of $107.54 and a 12-month 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 company has a market cap of $69.21 billion, a PE ratio of 17.64, a P/E/G ratio of 2.52 and a beta of 0.89. The stock has a 50 day simple moving average of $114.31 and a 200-day simple moving average of $117.89.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last released its quarterly earnings results on Tuesday, October 22nd. The transportation company reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.02. Canadian National Railway had a return on equity of 23.62% and a net margin of 31.65%. The company had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the business posted $1.26 earnings per share. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities research analysts forecast that Canadian National Railway will post 5.49 EPS for the current year.

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 is Monday, December 9th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.22%. Canadian National Railway’s dividend payout ratio (DPR) is presently 39.26%.

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.