Stifel Financial Corp Raises Holdings in Canadian National Railway (CNI)
Stifel Financial Corp raised its stake in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) by 2.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 156,733 shares of the transportation company’s stock after buying an additional 3,630 shares during the period. Stifel Financial Corp’s holdings in Canadian National Railway were worth $12,985,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of CNI. Hall Laurie J Trustee raised its holdings in shares of Canadian National Railway by 4.1% during the 2nd quarter. Hall Laurie J Trustee now owns 1,275 shares of the transportation company’s stock valued at $103,000 after purchasing an additional 50 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its holdings in shares of Canadian National Railway by 0.9% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,416 shares of the transportation company’s stock valued at $115,000 after purchasing an additional 12 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Canadian National Railway by 0.8% during the 2nd quarter. Proficio Capital Partners LLC now owns 1,783 shares of the transportation company’s stock valued at $143,000 after purchasing an additional 15 shares in the last quarter. Nikko Asset Management Americas Inc. bought a new position in shares of Canadian National Railway during the 2nd quarter valued at $146,000. Finally, Sowell Financial Services LLC bought a new position in shares of Canadian National Railway during the 3rd quarter valued at $200,000. 53.83% of the stock is owned by institutional investors.
A number of research firms have recently weighed in on CNI. Zacks Investment Research downgraded shares of Canadian National Railway from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 26th. BidaskClub upgraded shares of Canadian National Railway from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. TD Securities upgraded shares of Canadian National Railway from a “hold” rating to a “buy” rating in a report on Thursday, November 30th. They noted that the move was a valuation call. Royal Bank Of Canada restated an “outperform” rating on shares of Canadian National Railway in a report on Wednesday, October 25th. Finally, Stifel Nicolaus restated a “hold” rating and set a $89.00 price target on shares of Canadian National Railway in a report on Friday, October 6th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $79.67.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 8th will be issued a $0.3304 dividend. This represents a $1.32 annualized dividend and a yield of 1.65%. The ex-dividend date is Thursday, December 7th. This is an increase from Canadian National Railway’s previous quarterly dividend of $0.33. Canadian National Railway’s dividend payout ratio (DPR) is 33.33%.
Canadian National Railway declared that its Board of Directors has approved a stock repurchase program on Tuesday, October 24th that permits the company to repurchase 31,000,000 outstanding shares. This repurchase authorization permits the transportation company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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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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