Zurcher Kantonalbank Zurich Cantonalbank Decreases Stake in Canadian National Railway Company (CNI)
Zurcher Kantonalbank Zurich Cantonalbank lowered its position in shares of Canadian National Railway Company (NYSE:CNI) (TSE:CNR) by 1.7% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 1,090,904 shares of the transportation company’s stock after selling 19,030 shares during the quarter. Canadian National Railway comprises approximately 0.8% of Zurcher Kantonalbank Zurich Cantonalbank’s holdings, making the stock its 16th largest holding. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.15% of Canadian National Railway worth $90,175,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of CNI. OMERS ADMINISTRATION Corp purchased a new position in Canadian National Railway in the 2nd quarter worth approximately $2,293,000. Eaton Vance Management boosted its holdings in Canadian National Railway by 5,323.4% in the 2nd quarter. Eaton Vance Management now owns 203,757 shares of the transportation company’s stock worth $16,515,000 after acquiring an additional 200,000 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Canadian National Railway by 5.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 122,795 shares of the transportation company’s stock worth $9,952,000 after acquiring an additional 5,955 shares during the period. Fiduciary Trust Co. boosted its holdings in Canadian National Railway by 16.9% in the 2nd quarter. Fiduciary Trust Co. now owns 25,620 shares of the transportation company’s stock worth $2,077,000 after acquiring an additional 3,700 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Canadian National Railway by 13.4% in the 3rd quarter. Canada Pension Plan Investment Board now owns 232,186 shares of the transportation company’s stock worth $19,193,000 after acquiring an additional 27,486 shares during the period. Institutional investors and hedge funds own 53.37% of the company’s stock.
A number of research firms have weighed in on CNI. Goldman Sachs Group, Inc. (The) began coverage on Canadian National Railway in a report on Monday, November 13th. They issued a “buy” rating and a $85.00 price target for the company. CIBC upgraded Canadian National Railway from a “neutral” rating to a “sector outperform” rating in a report on Wednesday, November 8th. Zacks Investment Research upgraded Canadian National Railway from a “sell” rating to a “hold” rating in a report on Monday, November 6th. Deutsche Bank AG began coverage on Canadian National Railway in a report on Wednesday, November 1st. They issued a “sell” rating and a $73.00 price target for the company. Finally, Raymond James Financial, Inc. cut Canadian National Railway from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 25th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $79.67.
Canadian National Railway Company (NYSE CNI) traded down $0.27 during mid-day trading on Tuesday, hitting $79.50. The company had a trading volume of 792,900 shares, compared to its average volume of 1,050,182. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.49 and a current ratio of 0.61. The firm has a market cap of $59,710.00, a price-to-earnings ratio of 20.67, a P/E/G ratio of 2.15 and a beta of 1.11. Canadian National Railway Company has a twelve month low of $64.67 and a twelve month high of $84.48.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 8th will be given a dividend of $0.3304 per share. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Thursday, December 7th. Canadian National Railway’s dividend payout ratio is currently 33.17%.
Canadian National Railway announced that its board has initiated a stock buyback plan on Tuesday, October 24th that permits the company to buyback 31,000,000 outstanding shares. This buyback authorization permits the transportation company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Canadian National Railway Company Profile
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.
Want to see what other hedge funds are holding CNI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian National Railway Company (NYSE:CNI) (TSE:CNR).
Receive News & Ratings for Canadian National Railway Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian National Railway Company and related companies with Analyst Ratings Network's FREE daily email newsletter.