97,894 Canadian National Railway Company $CNI Shares Sold by Canoe Financial LP

Key Points

• Canoe Financial reduced its Canadian National Railway stake by 2.9%, selling 97,894 shares in the third quarter. It still held 3.31 million shares valued at approximately $388 million, making CNI its largest holding.
• Institutional investors own 80.74% of CNI, with several major funds—including Swiss National Bank, TD Waterhouse Canada and Cidel Asset Management—recently increasing their positions.
• Canadian National Railway reported quarterly EPS of $1.50 and revenue of $3.35 billion, exceeding analyst estimates, while revenue grew 11.3% year over year. Analysts remain mixed, with an average “Hold” rating and a $137.49 price target.

Canoe Financial LP cut its stake in shares of Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 2.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,309,796 shares of the transportation company's stock after selling 97,894 shares during the period. Canadian National Railway makes up 4.7% of Canoe Financial LP's holdings, making the stock its biggest holding. Canoe Financial LP owned approximately 0.55% of Canadian National Railway worth $388,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in CNI. OMERS ADMINISTRATION Corp acquired a new position in Canadian National Railway during the 1st quarter worth $59,507,000. Bank of New York Mellon Corp purchased a new stake in Canadian National Railway in the second quarter valued at $65,922,000. Swiss National Bank lifted its position in Canadian National Railway by 26.3% in the first quarter. Swiss National Bank now owns 1,761,000 shares of the transportation company's stock valued at $180,986,000 after acquiring an additional 367,100 shares during the last quarter. TD Waterhouse Canada Inc. boosted its stake in Canadian National Railway by 5.8% in the third quarter. TD Waterhouse Canada Inc. now owns 4,546,356 shares of the transportation company's stock valued at $532,519,000 after acquiring an additional 248,401 shares in the last quarter. Finally, Cidel Asset Management Inc. boosted its stake in Canadian National Railway by 92.4% in the first quarter. Cidel Asset Management Inc. now owns 515,357 shares of the transportation company's stock valued at $52,874,000 after acquiring an additional 247,450 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Canadian National Railway Stock Up 0.7%

CNI stock opened at $122.11 on Thursday. The company has a market cap of $73.57 billion, a price-to-earnings ratio of 21.54, a price-to-earnings-growth ratio of 2.17 and a beta of 0.96. The company has a fifty day moving average price of $122.05 and a 200 day moving average price of $119.52. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.87 and a quick ratio of 0.61. Canadian National Railway Company has a 12 month low of $90.74 and a 12 month high of $131.55.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last issued its quarterly earnings data on Friday, July 24th. The transportation company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.11. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.26 billion. Canadian National Railway had a net margin of 26.92% and a return on equity of 22.22%. Canadian National Railway's revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the firm posted $1.87 EPS. Sell-side analysts expect that Canadian National Railway Company will post 5.79 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings upgraded Canadian National Railway from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 13th. Evercore raised Canadian National Railway from an "in-line" rating to an "outperform" rating and boosted their target price for the company from $108.00 to $124.00 in a report on Thursday, June 25th. National Bank Financial set a $124.00 target price on Canadian National Railway in a research report on Thursday, June 25th. Citizens Jmp assumed coverage on Canadian National Railway in a research note on Wednesday, July 15th. They set a "market perform" rating on the stock. Finally, Canadian Imperial Bank of Commerce raised their price target on Canadian National Railway from C$182.00 to C$185.00 and gave the stock an "outperformer" rating in a research note on Thursday, June 25th. Nine research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $137.49.

About Canadian National Railway

Canadian National Railway Company NYSE: CNI is a transportation and logistics company that operates a major freight railway network across Canada and the United States. The company provides rail, intermodal and related transportation services for shippers, connecting production and consumption centers with ports and distribution hubs.

CN transports a broad range of commodities and manufactured goods, including petroleum and chemicals, grain and fertilizers, forest products, metals and minerals, coal, automotive products and consumer goods.

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