Canadian National Railway (CNI) Shares Bought by Comerica Bank
Comerica Bank grew its holdings in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) by 209.8% in the fourth quarter, Holdings Channel reports. The fund owned 205,370 shares of the transportation company’s stock after purchasing an additional 139,078 shares during the period. Comerica Bank’s holdings in Canadian National Railway were worth $17,184,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the company. Intercontinental Wealth Advisors LLC purchased a new position in shares of Canadian National Railway during the 4th quarter valued at about $30,000. Contravisory Investment Management Inc. purchased a new position in shares of Canadian National Railway during the 4th quarter valued at about $45,000. Clean Yield Group purchased a new position in shares of Canadian National Railway during the 4th quarter valued at about $46,000. Essex Savings Bank purchased a new position in shares of Canadian National Railway during the 4th quarter valued at about $96,000. Finally, Zions Bancorporation purchased a new position in shares of Canadian National Railway during the 3rd quarter valued at about $102,000. Hedge funds and other institutional investors own 54.23% of the company’s stock.
A number of equities analysts recently weighed in on CNI shares. Stephens raised Canadian National Railway from an “equal weight” rating to an “overweight” rating in a report on Thursday, January 3rd. Cowen reissued an “outperform” rating and set a $96.00 price objective (down from $98.00) on shares of Canadian National Railway in a report on Wednesday, October 24th. Credit Suisse Group lifted their price target on Canadian National Railway from $91.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 24th. Barclays reaffirmed a “hold” rating and issued a $86.00 price target on shares of Canadian National Railway in a research note on Thursday, January 17th. Finally, Deutsche Bank lifted their price target on Canadian National Railway from $96.00 to $101.00 and gave the stock a “buy” rating in a research note on Monday, December 3rd. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $92.16.
Canadian National Railway (NYSE:CNI) (TSE:CNR) last issued its quarterly earnings data on Tuesday, January 29th. The transportation company reported $1.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.38. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.80 billion. Canadian National Railway had a return on equity of 23.28% and a net margin of 30.19%. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period last year, the company earned $1.20 EPS. As a group, equities analysts expect that Canadian National Railway will post 4.74 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 8th will be given a $0.4026 dividend. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.35. This represents a $1.61 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Thursday, March 7th. Canadian National Railway’s dividend payout ratio (DPR) is currently 32.93%.
About Canadian National Railway
Canadian National Railway Company engages in rail and related transportation business. The company transports cargo serving exporters, importers, retailers, farmers, and manufacturers. It operates a network of approximately 20,000 route miles of track spans Canada and mid-America connecting the Atlantic, the Pacific, and the Gulf of Mexico.
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