Norges Bank Invests $563.05 Million in Canadian National Railway (NYSE:CNI)

Norges Bank acquired a new stake in Canadian National Railway (NYSE:CNI) (TSE:CNR) during the fourth quarter, HoldingsChannel reports. The fund acquired 5,551,563 shares of the transportation company’s stock, valued at approximately $563,048,000.

Several other institutional investors also recently bought and sold shares of CNI. National Bank of Canada FI lifted its stake in shares of Canadian National Railway by 46.5% in the 3rd quarter. National Bank of Canada FI now owns 6,737,322 shares of the transportation company’s stock worth $789,030,000 after acquiring an additional 2,137,948 shares during the period. Canoe Financial LP purchased a new position in Canadian National Railway during the fourth quarter worth about $216,943,000. Point72 Asset Management L.P. acquired a new stake in Canadian National Railway in the third quarter valued at about $159,907,000. Wellington Management Group LLP boosted its holdings in Canadian National Railway by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 18,562,189 shares of the transportation company’s stock valued at $2,175,935,000 after purchasing an additional 790,420 shares in the last quarter. Finally, Toronto Dominion Bank increased its position in Canadian National Railway by 64.5% during the 3rd quarter. Toronto Dominion Bank now owns 1,492,218 shares of the transportation company’s stock worth $174,813,000 after purchasing an additional 584,832 shares during the period. 80.74% of the stock is owned by institutional investors and hedge funds.

Canadian National Railway Trading Down 2.4 %

Canadian National Railway stock opened at $97.39 on Friday. The stock has a 50-day moving average price of $101.07 and a 200 day moving average price of $106.64. Canadian National Railway has a 52 week low of $93.64 and a 52 week high of $132.27. The stock has a market cap of $61.20 billion, a PE ratio of 19.02, a P/E/G ratio of 1.95 and a beta of 0.91. The company has a current ratio of 0.66, a quick ratio of 0.48 and a debt-to-equity ratio of 0.94.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last posted its quarterly earnings data on Thursday, January 30th. The transportation company reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.09). Canadian National Railway had a return on equity of 22.48% and a net margin of 26.09%. Equities research analysts predict that Canadian National Railway will post 5.52 earnings per share for the current fiscal year.

Canadian National Railway Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a $0.6159 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Monday, March 10th. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.61. Canadian National Railway’s dividend payout ratio (DPR) is 47.66%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CNI shares. Jefferies Financial Group upgraded Canadian National Railway from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a research note on Friday, January 10th. Evercore ISI raised shares of Canadian National Railway from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 19th. Susquehanna reduced their price objective on shares of Canadian National Railway from $115.00 to $113.00 and set a “neutral” rating for the company in a research note on Thursday. Barclays decreased their price objective on shares of Canadian National Railway from $121.00 to $112.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Finally, Stifel Nicolaus increased their target price on shares of Canadian National Railway from $120.00 to $125.00 and gave the company a “buy” rating in a report on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Canadian National Railway presently has an average rating of “Moderate Buy” and a consensus price target of $124.02.

Canadian National Railway Profile

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.