Canadian National Railway (NYSE:CNI) Shares Bought by Nexus Investment Management ULC

Nexus Investment Management ULC increased its stake in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) by 997.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 43,377 shares of the transportation company’s stock after buying an additional 39,425 shares during the quarter. Nexus Investment Management ULC’s holdings in Canadian National Railway were worth $5,086,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Manning & Napier Advisors LLC purchased a new stake in shares of Canadian National Railway in the 2nd quarter valued at about $134,096,000. Koshinski Asset Management Inc. acquired a new stake in shares of Canadian National Railway during the first quarter valued at about $627,000. Mediolanum International Funds Ltd acquired a new position in Canadian National Railway in the first quarter worth about $4,451,000. Sumitomo Life Insurance Co. bought a new position in Canadian National Railway in the second quarter worth about $1,321,000. Finally, Maryland State Retirement & Pension System raised its holdings in shares of Canadian National Railway by 52.6% during the first quarter. Maryland State Retirement & Pension System now owns 30,442 shares of the transportation company’s stock valued at $3,836,000 after buying an additional 10,496 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Bank of America cut shares of Canadian National Railway from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $129.00 to $122.00 in a research report on Friday, October 4th. National Bank Financial raised Canadian National Railway from a “sector perform” rating to an “outperform” rating in a report on Thursday, June 27th. Citigroup started coverage on Canadian National Railway in a research report on Wednesday, October 9th. They issued a “neutral” rating and a $125.00 price objective on the stock. Barclays lifted their target price on Canadian National Railway from $120.00 to $121.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Finally, Royal Bank of Canada upgraded Canadian National Railway from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Canadian National Railway currently has a consensus rating of “Hold” and a consensus price target of $126.02.

Canadian National Railway Stock Performance

CNI opened at $115.73 on Wednesday. Canadian National Railway has a fifty-two week low of $103.96 and a fifty-two week high of $134.02. The stock has a market capitalization of $72.88 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 2.56 and a beta of 0.88. The company has a fifty day moving average of $115.71 and a 200 day moving average of $120.36. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.48 and a current ratio of 0.63.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last announced its earnings results on Tuesday, July 23rd. The transportation company reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.93 by ($0.09). Canadian National Railway had a net margin of 32.00% and a return on equity of 23.58%. The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter last year, the firm earned $1.31 EPS. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. As a group, sell-side analysts forecast that Canadian National Railway will post 5.54 earnings per share for the current fiscal year.

Canadian National Railway Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 6th were paid a $0.614 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date of this dividend was Friday, September 6th. Canadian National Railway’s dividend payout ratio (DPR) is 39.26%.

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.