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

Norges Bank bought a new position in shares of Canadian National Railway Company (NYSE:CNI) (TSE:CNR) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 5,677,554 shares of the transportation company’s stock, valued at approximately $591,904,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bennett Selby Investments LP grew its position in shares of Canadian National Railway by 2.2% during the 2nd quarter. Bennett Selby Investments LP now owns 4,796 shares of the transportation company’s stock valued at $499,000 after purchasing an additional 101 shares in the last quarter. Creative Financial Designs Inc. ADV grew its position in Canadian National Railway by 13.4% during the second quarter. Creative Financial Designs Inc. ADV now owns 929 shares of the transportation company’s stock worth $97,000 after buying an additional 110 shares in the last quarter. IFP Advisors Inc increased its stake in Canadian National Railway by 3.3% in the 2nd quarter. IFP Advisors Inc now owns 3,582 shares of the transportation company’s stock worth $373,000 after acquiring an additional 115 shares during the last quarter. D.A. Davidson & CO. raised its holdings in shares of Canadian National Railway by 5.3% in the 2nd quarter. D.A. Davidson & CO. now owns 2,374 shares of the transportation company’s stock valued at $247,000 after acquiring an additional 119 shares in the last quarter. Finally, MAI Capital Management raised its holdings in shares of Canadian National Railway by 5.0% in the 2nd quarter. MAI Capital Management now owns 2,933 shares of the transportation company’s stock valued at $305,000 after acquiring an additional 139 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CNI shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Canadian National Railway in a report on Wednesday, October 8th. Bank of America dropped their target price on shares of Canadian National Railway from $106.00 to $102.00 and set a “neutral” rating for the company in a research report on Monday, September 29th. Zacks Research cut shares of Canadian National Railway from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 23rd. Wells Fargo & Company decreased their price target on shares of Canadian National Railway from $117.00 to $110.00 and set an “overweight” rating on the stock in a report on Monday, October 6th. Finally, Barclays dropped their price objective on shares of Canadian National Railway from $99.00 to $97.00 and set an “equal weight” rating for the company in a report on Thursday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Canadian National Railway currently has an average rating of “Moderate Buy” and a consensus target price of $117.36.

Canadian National Railway Stock Up 2.0%

Shares of NYSE CNI opened at $95.88 on Friday. The stock has a market capitalization of $59.11 billion, a P/E ratio of 18.44, a PEG ratio of 2.13 and a beta of 0.95. Canadian National Railway Company has a one year low of $90.74 and a one year high of $112.06. The firm’s 50 day simple moving average is $94.76 and its two-hundred day simple moving average is $98.11. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.82 and a quick ratio of 0.58.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last announced its quarterly earnings data on Friday, October 31st. The transportation company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.05. Canadian National Railway had a net margin of 26.63% and a return on equity of 21.71%. The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same period in the previous year, the business posted $1.72 EPS. The business’s quarterly revenue was up 1.3% on a year-over-year basis. As a group, analysts expect that Canadian National Railway Company will post 5.52 EPS for the current fiscal year.

Canadian National Railway Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Tuesday, December 9th will be paid a $0.8875 dividend. This is a boost from Canadian National Railway’s previous quarterly dividend of $0.65. This represents a $3.55 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, December 9th. Canadian National Railway’s payout ratio is presently 48.01%.

About Canadian National Railway

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.