Bank of America Corp DE Sells 929,181 Shares of Canadian National Railway Company $CNI

Key Points

• Bank of America reduced its Canadian National Railway stake by 40.1%, selling 929,181 shares and retaining 1.39 million shares valued at approximately $142.9 million. Institutional investors collectively own 80.74% of the company.
• Analyst sentiment is mixed, with eight Buy ratings and nine Hold ratings producing a consensus “Hold” rating and a $137.40 price target. Shares recently traded at $127.50.
• Canadian National Railway exceeded quarterly earnings and revenue expectations, reporting $1.50 in EPS and $3.35 billion in revenue, while declaring a quarterly dividend of $0.915 per share, equivalent to a 2.9% annual yield.

Bank of America Corp DE decreased its stake in Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 40.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,390,345 shares of the transportation company's stock after selling 929,181 shares during the period. Bank of America Corp DE owned 0.23% of Canadian National Railway worth $142,886,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of CNI. High Point Wealth Management LLC bought a new position in shares of Canadian National Railway in the 4th quarter worth about $27,000. Curio Wealth LLC acquired a new position in shares of Canadian National Railway during the fourth quarter worth approximately $31,000. MidFirst Bank bought a new position in shares of Canadian National Railway in the fourth quarter valued at $31,000. Caitong International Asset Management Co. Ltd lifted its position in Canadian National Railway by 378.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 354 shares of the transportation company's stock valued at $35,000 after acquiring an additional 280 shares in the last quarter. Finally, MBM Wealth Consultants LLC bought a new position in shares of Canadian National Railway in the first quarter valued at approximately $37,000. Institutional investors own 80.74% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CNI. Citizens Jmp began coverage on shares of Canadian National Railway in a report on Wednesday, July 15th. They set a "market perform" rating on the stock. Canadian Imperial Bank of Commerce lifted their price objective on Canadian National Railway from C$182.00 to C$185.00 and gave the stock an "outperformer" rating in a report on Thursday, June 25th. Citigroup lifted their price objective on shares of Canadian National Railway from $124.00 to $141.00 and gave the company a "buy" rating in a research note on Thursday, July 9th. Royal Bank Of Canada upped their price target on Canadian National Railway from $195.00 to $205.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Finally, Evercore upgraded Canadian National Railway from an "in-line" rating to an "outperform" rating and set a $124.00 price objective on the stock in a research report on Thursday, June 25th. Eight research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Canadian National Railway has a consensus rating of "Hold" and a consensus price target of $137.40.

Canadian National Railway Trading Up 0.2%

Shares of CNI stock opened at $127.50 on Thursday. 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 1-year low of $90.74 and a 1-year high of $131.55. The stock has a market capitalization of $77.27 billion, a PE ratio of 22.61, a P/E/G ratio of 2.38 and a beta of 0.95. The business has a 50-day moving average of $122.24 and a 200 day moving average of $112.37.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last issued its earnings results on Friday, July 24th. The transportation company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.39 by $0.11. Canadian National Railway had a net margin of 26.92% and a return on equity of 22.22%. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the firm earned $1.87 earnings per share. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Canadian National Railway Company will post 5.78 earnings per share for the current year.

Canadian National Railway Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 8th will be given a dividend of $0.915 per share. The ex-dividend date is Tuesday, September 8th. This represents a $3.66 annualized dividend and a dividend yield of 2.9%. Canadian National Railway's payout ratio is currently 47.34%.

About Canadian National Railway

Canadian National Railway Company NYSE: CNI is a Class I freight railway that operates an integrated rail network across Canada and the United States. Headquartered in Montreal, Quebec, CN provides long-haul freight transportation and related logistics services that connect major ports, industrial centers and inland markets throughout North America. Its transcontinental system enables cross-border movement of goods and supports supply chains that span coast-to-coast in Canada and into the central and eastern United States.

CN's core business is the railborne transportation of a broad mix of commodities, including intermodal container traffic, forest and paper products, grain and other agricultural products, metallurgical and industrial products, petroleum and chemical products, coal and automotive shipments.

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