Strs Ohio trimmed its holdings in Canadian National Railway Company (NYSE:CNI) (TSE:CNR) by 46.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,400 shares of the transportation company’s stock after selling 68,555 shares during the quarter. Strs Ohio’s holdings in Canadian National Railway were worth $6,645,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Hall Laurie J Trustee boosted its stake in Canadian National Railway by 4.1% in the 2nd quarter. Hall Laurie J Trustee now owns 1,275 shares of the transportation company’s stock worth $103,000 after purchasing an additional 50 shares during the period. City Holding Co. boosted its stake in Canadian National Railway by 15.4% in the 2nd quarter. City Holding Co. now owns 1,313 shares of the transportation company’s stock worth $106,000 after purchasing an additional 175 shares during the period. Bronfman E.L. Rothschild L.P. boosted its stake in Canadian National Railway by 0.9% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,416 shares of the transportation company’s stock worth $115,000 after purchasing an additional 12 shares during the period. UBS Asset Management Americas Inc. bought a new position in Canadian National Railway in the 1st quarter worth approximately $123,000. Finally, Proficio Capital Partners LLC boosted its stake in Canadian National Railway by 0.8% in the 2nd quarter. Proficio Capital Partners LLC now owns 1,783 shares of the transportation company’s stock worth $143,000 after purchasing an additional 15 shares during the period. Institutional investors and hedge funds own 54.32% of the company’s stock.
Canadian National Railway Company (NYSE CNI) opened at 81.28 on Monday. The stock’s 50 day moving average price is $81.55 and its 200-day moving average price is $79.25. Canadian National Railway Company has a 52-week low of $61.72 and a 52-week high of $84.48. The company has a market capitalization of $61.04 billion, a P/E ratio of 19.43 and a beta of 1.13.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be paid a dividend of $0.3304 per share. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $1.32 dividend on an annualized basis and a yield of 1.63%. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.33. Canadian National Railway’s payout ratio is 33.85%.
Canadian National Railway declared that its board has authorized a share buyback program on Tuesday, October 24th that authorizes the company to buyback 31,000,000 outstanding shares. This buyback authorization authorizes the transportation company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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Several research analysts have weighed in on the company. Credit Suisse Group restated a “neutral” rating and issued a $84.00 price target (up from $78.00) on shares of Canadian National Railway in a research note on Thursday, July 13th. They noted that the move was a valuation call. Zacks Investment Research downgraded Canadian National Railway from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 26th. BidaskClub upgraded Canadian National Railway from a “sell” rating to a “hold” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada restated an “outperform” rating on shares of Canadian National Railway in a research note on Wednesday, October 25th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $89.00 price target on shares of Canadian National Railway in a research note on Friday, October 6th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $79.86.
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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