Norges Bank Takes $591.90 Million Position in Canadian National Railway Company $CNI

Norges Bank purchased a new position in shares of Canadian National Railway Company (NYSE:CNI) (TSE:CNR) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,677,554 shares of the transportation company’s stock, valued at approximately $591,904,000. Norges Bank owned about 0.91% of Canadian National Railway as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC bought a new position in shares of Canadian National Railway during the 2nd quarter worth approximately $310,489,000. The Manufacturers Life Insurance Company grew its holdings in shares of Canadian National Railway by 37.3% in the first quarter. The Manufacturers Life Insurance Company now owns 5,296,701 shares of the transportation company’s stock valued at $518,260,000 after acquiring an additional 1,439,617 shares in the last quarter. Nuveen LLC bought a new position in shares of Canadian National Railway in the first quarter valued at approximately $112,216,000. Price T Rowe Associates Inc. MD increased its position in shares of Canadian National Railway by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,638,443 shares of the transportation company’s stock valued at $646,983,000 after acquiring an additional 1,148,569 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Canadian National Railway by 31.9% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,220,150 shares of the transportation company’s stock worth $440,008,000 after acquiring an additional 1,019,914 shares during the period. 80.74% of the stock is owned by institutional investors.

Canadian National Railway Price Performance

Shares of NYSE:CNI opened at $95.88 on Friday. The firm has a market capitalization of $59.11 billion, a PE ratio of 18.44, a P/E/G ratio of 2.13 and a beta of 0.95. The company has a quick ratio of 0.58, a current ratio of 0.82 and a debt-to-equity ratio of 0.90. The company has a 50-day moving average price of $94.76 and a two-hundred day moving average price of $98.11. Canadian National Railway Company has a twelve month low of $90.74 and a twelve month high of $112.06.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last announced its quarterly earnings results on Friday, October 31st. The transportation company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $4.15 billion. Canadian National Railway had a net margin of 26.63% and a return on equity of 21.71%. Canadian National Railway’s revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.72 EPS. Equities analysts forecast that Canadian National Railway Company will post 5.52 EPS for the current year.

Canadian National Railway Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Tuesday, December 9th will be given a dividend of $0.8875 per share. This is an increase from Canadian National Railway’s previous quarterly dividend of $0.65. This represents a $3.55 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, December 9th. Canadian National Railway’s dividend payout ratio (DPR) is currently 48.01%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CNI shares. Barclays cut their price objective on Canadian National Railway from $99.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 2nd. Wall Street Zen upgraded Canadian National Railway from a “sell” rating to a “hold” rating in a research note on Saturday, October 18th. Weiss Ratings reissued a “hold (c-)” rating on shares of Canadian National Railway in a report on Wednesday, October 8th. Evercore ISI raised their price objective on shares of Canadian National Railway from $98.00 to $103.00 and gave the stock an “in-line” rating in a report on Monday, November 3rd. Finally, Zacks Research lowered shares of Canadian National Railway from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $117.36.

Canadian National Railway Company 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.