AGF Management Ltd. Reduces Position in Canadian National Railway Company (NYSE:CNI)

Key Points

• AGF Management Ltd. reduced its stake in Canadian National Railway Company by 29.8%, selling 274,418 shares and holding a total of 646,978 shares worth approximately $63 million.
• Institutional investors collectively own 80.74% of Canadian National Railway, with significant increases in holdings from firms like Royal Bank of Canada and Price T Rowe Associates.
• Canadian National Railway recently announced a dividend increase to $0.6507 per share, marking an annualized yield of 2.8%, while also missing earnings expectations in its latest financial report.

AGF Management Ltd. lessened its position in Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 29.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 646,978 shares of the transportation company's stock after selling 274,418 shares during the period. AGF Management Ltd. owned approximately 0.10% of Canadian National Railway worth $63,054,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Invesco Ltd. increased its position in shares of Canadian National Railway by 4.0% during the fourth quarter. Invesco Ltd. now owns 523,944 shares of the transportation company's stock worth $53,186,000 after acquiring an additional 20,249 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Canadian National Railway in the fourth quarter valued at $28,022,000. Rockefeller Capital Management L.P. lifted its stake in Canadian National Railway by 2.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 145,209 shares of the transportation company's stock valued at $14,745,000 after acquiring an additional 2,842 shares during the last quarter. Townsquare Capital LLC lifted its stake in Canadian National Railway by 89.5% in the fourth quarter. Townsquare Capital LLC now owns 3,883 shares of the transportation company's stock valued at $394,000 after acquiring an additional 1,834 shares during the last quarter. Finally, Stamos Capital Partners L.P. lifted its stake in Canadian National Railway by 276.0% in the fourth quarter. Stamos Capital Partners L.P. now owns 39,780 shares of the transportation company's stock valued at $4,038,000 after acquiring an additional 29,200 shares during the last quarter. Institutional investors own 80.74% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on CNI. Barclays cut their target price on shares of Canadian National Railway from $106.00 to $99.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. National Bank Financial lowered shares of Canadian National Railway from an "outperform" rating to a "sector perform" rating in a report on Wednesday, July 23rd. Wall Street Zen raised shares of Canadian National Railway from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Bank of America raised their target price on shares of Canadian National Railway from $105.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, Susquehanna reduced their price target on shares of Canadian National Railway from $122.00 to $120.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Canadian National Railway presently has an average rating of "Hold" and an average target price of $118.36.

Canadian National Railway Stock Up 0.6%

Shares of Canadian National Railway stock traded up $0.54 during trading on Friday, reaching $93.30. 481,596 shares of the company traded hands, compared to its average volume of 1,495,342. 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 Company has a 1-year low of $91.65 and a 1-year high of $121.12. The company has a 50 day moving average price of $100.36 and a 200-day moving average price of $100.62. The firm has a market capitalization of $58.45 billion, a PE ratio of 17.95, a P/E/G ratio of 2.09 and a beta of 0.94.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last announced its quarterly earnings results on Tuesday, July 22nd. The transportation company reported $1.35 EPS for the quarter, missing analysts' consensus estimates of $1.37 by ($0.02). The business had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $4.34 billion. Canadian National Railway had a net margin of 26.63% and a return on equity of 21.71%. The business's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.84 EPS. As a group, equities research analysts expect that Canadian National Railway Company will post 5.52 earnings per share for the current fiscal year.

Canadian National Railway Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 8th will be paid a dividend of $0.6507 per share. This is a boost from Canadian National Railway's previous quarterly dividend of $0.62. The ex-dividend date is Monday, September 8th. This represents a $2.60 dividend on an annualized basis and a yield of 2.8%. Canadian National Railway's dividend payout ratio (DPR) is presently 49.81%.

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.