Canadian National Railway Company (NYSE:CNI) Shares Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia increased its stake in Canadian National Railway by 0.7%, owning approximately 2.78 million shares, making it its 29th largest holding.
• Canadian National Railway reported disappointing earnings with $1.35 EPS, missing analysts' expectations of $1.37, and a revenue of $3.14 billion, below the anticipated $4.34 billion.
• The company announced a dividend increase to $0.6507 per share, up from $0.62, which reflects an annualized payout of $2.60 and a yield of 2.8%.

Bank of Nova Scotia raised its holdings in Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 0.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,777,564 shares of the transportation company's stock after purchasing an additional 20,534 shares during the period. Canadian National Railway accounts for approximately 0.6% of Bank of Nova Scotia's portfolio, making the stock its 29th largest holding. Bank of Nova Scotia owned approximately 0.44% of Canadian National Railway worth $270,334,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Royal Bank of Canada increased its position in Canadian National Railway by 7.5% during the 4th quarter. Royal Bank of Canada now owns 27,757,038 shares of the transportation company's stock worth $2,817,616,000 after purchasing an additional 1,934,622 shares in the last quarter. Capital International Investors boosted its stake in shares of Canadian National Railway by 12.8% during the 4th quarter. Capital International Investors now owns 11,822,063 shares of the transportation company's stock worth $1,199,680,000 after purchasing an additional 1,341,133 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Canadian National Railway by 0.3% during the first quarter. TD Asset Management Inc now owns 11,798,566 shares of the transportation company's stock worth $1,148,008,000 after buying an additional 30,066 shares in the last quarter. JARISLOWSKY FRASER Ltd raised its position in shares of Canadian National Railway by 4.8% in the fourth quarter. JARISLOWSKY FRASER Ltd now owns 9,159,075 shares of the transportation company's stock valued at $926,573,000 after buying an additional 422,078 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of Canadian National Railway by 6.3% in the first quarter. Mackenzie Financial Corp now owns 8,571,806 shares of the transportation company's stock valued at $834,129,000 after buying an additional 505,588 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Canadian National Railway Trading Down 0.7%

NYSE CNI opened at $92.82 on Friday. The firm has a market capitalization of $58.15 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 2.08 and a beta of 0.94. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.82. Canadian National Railway Company has a one year low of $91.65 and a one year high of $121.12. The company's 50 day moving average price is $102.49 and its 200 day moving average price is $101.25.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last issued its 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 during the quarter, compared to analysts' expectations 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 was down 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.84 EPS. On average, sell-side analysts predict that Canadian National Railway Company will post 5.52 EPS for the current year.

Canadian National Railway Increases Dividend

The business also recently disclosed 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. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, September 8th. Canadian National Railway's payout ratio is presently 49.81%.

Analysts Set New Price Targets

A number of analysts recently issued reports on CNI shares. Royal Bank Of Canada decreased their target price on shares of Canadian National Railway from $161.00 to $157.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 23rd. Wells Fargo & Company decreased their price objective on Canadian National Railway from $120.00 to $117.00 and set an "overweight" rating on the stock in a report on Wednesday, July 23rd. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Canadian National Railway in a research note on Wednesday, July 23rd. Jefferies Financial Group reduced their target price on Canadian National Railway from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Finally, Susquehanna lowered their price target on Canadian National Railway from $122.00 to $120.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Two analysts have rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $118.36.

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.

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