Bank of New York Mellon Corp Makes New Investment in Canadian National Railway Company $CNI

Bank of New York Mellon Corp acquired a new stake in Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 552,853 shares of the transportation company's stock, valued at approximately $65,922,000. Bank of New York Mellon Corp owned 0.09% of Canadian National Railway at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in CNI. Vanguard Group Inc. grew its position in Canadian National Railway by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 24,646,922 shares of the transportation company's stock valued at $2,437,679,000 after buying an additional 346,670 shares during the period. FIL Ltd raised its position in Canadian National Railway by 49.5% in the fourth quarter. FIL Ltd now owns 15,745,744 shares of the transportation company's stock worth $1,557,309,000 after acquiring an additional 5,210,403 shares during the period. Caisse de depot et placement du Quebec raised its position in Canadian National Railway by 1.1% in the third quarter. Caisse de depot et placement du Quebec now owns 13,894,922 shares of the transportation company's stock worth $1,310,600,000 after acquiring an additional 157,000 shares during the period. Lazard Asset Management LLC raised its position in Canadian National Railway by 2.0% in the first quarter. Lazard Asset Management LLC now owns 9,077,518 shares of the transportation company's stock worth $934,488,000 after acquiring an additional 173,894 shares during the period. Finally, Deutsche Bank AG boosted its stake in Canadian National Railway by 15.1% in the fourth quarter. Deutsche Bank AG now owns 8,998,101 shares of the transportation company's stock valued at $889,462,000 after acquiring an additional 1,182,106 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Evercore upgraded shares of Canadian National Railway from an "in-line" rating to an "outperform" rating and set a $124.00 price target for the company in a research note on Thursday, June 25th. Canadian Imperial Bank of Commerce upped their price objective on Canadian National Railway from C$182.00 to C$185.00 and gave the company an "outperformer" rating in a research note on Thursday, June 25th. Citigroup increased their price objective on Canadian National Railway from $124.00 to $141.00 and gave the company a "buy" rating in a report on Thursday, July 9th. Barclays raised their target price on Canadian National Railway from $109.00 to $130.00 and gave the stock an "equal weight" rating in a research report on Monday, July 27th. Finally, Citizens Jmp assumed coverage on Canadian National Railway in a research note on Wednesday, July 15th. They issued a "market perform" rating on the stock. Nine analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $137.40.

Canadian National Railway Trading Up 0.4%

NYSE:CNI opened at $127.65 on Thursday. Canadian National Railway Company has a 1 year low of $90.74 and a 1 year high of $131.55. The stock's fifty day moving average price is $124.67 and its two-hundred day moving average price is $115.34. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.87 and a quick ratio of 0.61. The company has a market cap of $77.25 billion, a P/E ratio of 22.63, a P/E/G ratio of 2.37 and a beta of 0.95.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last announced its quarterly earnings results on Friday, July 24th. The transportation company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.11. The company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.26 billion. Canadian National Railway had a return on equity of 22.22% and a net margin of 26.92%.The firm's quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.87 earnings per share. As a group, analysts expect that Canadian National Railway Company will post 5.81 EPS for the current year.

Canadian National Railway Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 8th will be issued a dividend of $0.915 per share. This represents a $3.66 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 8th. Canadian National Railway's payout ratio is presently 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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