Deutsche Bank AG Initiates Coverage on Canadian National Railway Company (CNI)
Deutsche Bank AG started coverage on shares of Canadian National Railway Company (NYSE:CNI) (TSE:CNR) in a research note published on Wednesday, MarketBeat Ratings reports. The brokerage issued a sell rating and a $73.00 target price on the transportation company’s stock.
Several other brokerages have also commented on CNI. Raymond James Financial, Inc. lowered shares of Canadian National Railway from an outperform rating to a market perform rating in a research report on Wednesday, October 25th. Zacks Investment Research raised shares of Canadian National Railway from a hold rating to a buy rating and set a $93.00 price objective for the company in a research report on Tuesday, July 11th. Desjardins upgraded shares of Canadian National Railway from a hold rating to a buy rating in a report on Wednesday, October 25th. Credit Suisse Group reiterated a neutral rating on shares of Canadian National Railway in a report on Friday, July 28th. Finally, Cowen and Company reiterated a buy rating and issued a $83.00 price target on shares of Canadian National Railway in a report on Sunday, September 24th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $79.00.
Shares of Canadian National Railway (CNI) traded down $0.06 during trading on Wednesday, hitting $80.27. 628,451 shares of the company traded hands, compared to its average volume of 1,067,006. The stock has a market cap of $59,889.44, a price-to-earnings ratio of 20.80, a P/E/G ratio of 2.16 and a beta of 1.11. The company has a quick ratio of 0.49, a current ratio of 0.61 and a debt-to-equity ratio of 0.58. Canadian National Railway has a 52-week low of $61.72 and a 52-week high of $84.48.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be paid a dividend of $0.3304 per share. This is a boost from Canadian National Railway’s previous quarterly dividend of $0.33. The ex-dividend date is Thursday, December 7th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.65%. Canadian National Railway’s dividend payout ratio (DPR) is presently 33.85%.
Canadian National Railway announced that its Board of Directors has approved a share repurchase program on Tuesday, October 24th that permits the company to buyback 31,000,000 outstanding shares. This buyback authorization permits the transportation company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of the company. HL Financial Services LLC grew its stake in shares of Canadian National Railway by 42.5% during the 3rd quarter. HL Financial Services LLC now owns 7,522 shares of the transportation company’s stock worth $623,000 after purchasing an additional 2,243 shares during the period. FDx Advisors Inc. grew its stake in shares of Canadian National Railway by 20.2% during the 3rd quarter. FDx Advisors Inc. now owns 26,238 shares of the transportation company’s stock worth $2,174,000 after purchasing an additional 4,411 shares during the period. Candriam Luxembourg S.C.A. grew its stake in shares of Canadian National Railway by 47.7% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 184,906 shares of the transportation company’s stock worth $15,285,000 after purchasing an additional 59,696 shares during the period. Pitcairn Co. acquired a new stake in shares of Canadian National Railway during the 3rd quarter worth approximately $481,000. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Canadian National Railway during the 3rd quarter worth approximately $372,000. 54.32% of the stock is currently owned by institutional investors and hedge funds.
About Canadian National Railway
Canadian National Railway Company is engaged in the rail and related transportation business. The Company’s network of approximately 20,000 route miles of track spans Canada and mid-America, connecting approximately three coasts, including the Atlantic, the Pacific and the Gulf of Mexico and serving the cities and ports of Vancouver, Prince Rupert (British Columbia), Montreal, Halifax, New Orleans, and Mobile (Alabama), and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth (Minnesota)/Superior (Wisconsin), and Jackson (Mississippi), with connections to all points in North America.
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