CIBC Asset Management Inc Has $533.50 Million Stock Position in Canadian National Railway (NYSE:CNI)

CIBC Asset Management Inc lessened its position in Canadian National Railway (NYSE:CNI) (TSE:CNR) by 5.6% in the 3rd quarter, Holdings Channel reports. The fund owned 4,547,707 shares of the transportation company’s stock after selling 271,738 shares during the period. Canadian National Railway makes up approximately 1.7% of CIBC Asset Management Inc’s investment portfolio, making the stock its 14th biggest holding. CIBC Asset Management Inc’s holdings in Canadian National Railway were worth $533,495,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GQG Partners LLC raised its stake in Canadian National Railway by 0.8% during the 1st quarter. GQG Partners LLC now owns 11,424 shares of the transportation company’s stock valued at $1,505,000 after purchasing an additional 93 shares during the period. Grove Bank & Trust raised its position in Canadian National Railway by 15.3% during the third quarter. Grove Bank & Trust now owns 730 shares of the transportation company’s stock valued at $86,000 after buying an additional 97 shares during the period. B. Riley Wealth Advisors Inc. lifted its stake in Canadian National Railway by 2.5% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,156 shares of the transportation company’s stock worth $547,000 after acquiring an additional 100 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted 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 during the period. Finally, Blue Trust Inc. increased its holdings in shares of Canadian National Railway by 19.3% in the 2nd 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. Institutional investors and hedge funds own 80.74% of the company’s stock.

Canadian National Railway Stock Performance

NYSE CNI opened at $110.07 on Friday. The company’s fifty day moving average is $114.31 and its two-hundred day moving average is $117.89. Canadian National Railway has a 52-week low of $107.54 and a 52-week high of $134.02. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.64 and a quick ratio of 0.49. The firm has a market capitalization of $69.21 billion, a price-to-earnings ratio of 17.64, a P/E/G ratio of 2.52 and a beta of 0.89.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last issued its quarterly earnings results on Tuesday, October 22nd. The transportation company reported $1.72 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the previous year, the company posted $1.26 earnings per share. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. Equities research analysts forecast that Canadian National Railway will post 5.49 EPS for the current year.

Canadian National Railway Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a $0.6108 dividend. This represents a $2.44 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Monday, December 9th. Canadian National Railway’s dividend payout ratio (DPR) is presently 39.26%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Evercore ISI lowered their price objective on shares of Canadian National Railway from $119.00 to $116.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 23rd. Veritas raised shares of Canadian National Railway from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 23rd. Citigroup raised Canadian National Railway from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $126.00 to $130.00 in a research report on Tuesday. Bank of America lowered Canadian National Railway from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $129.00 to $122.00 in a research report on Friday, October 4th. Finally, Stephens reiterated an “equal weight” rating and set a $116.00 price target on shares of Canadian National Railway in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $125.48.

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.