Canadian National Railway Company (NYSE:CNI) Shares Bought by Scotia Capital Inc.

Key Points

• Scotia Capital Inc. increased its holdings in Canadian National Railway by 5.8%, now owning over 3.1 million shares, making it the 19th largest position in their investment portfolio.
• Canadian National Railway reported a decrease in revenue for the quarter, with earnings per share of $1.35, falling short of analysts' expectations of $1.37.
• The company declared a quarterly dividend of $0.6507 per share, increasing from the previous quarter's dividend, reflecting a 2.8% yield for investors.

Scotia Capital Inc. grew its holdings in shares of Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 5.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,186,189 shares of the transportation company's stock after acquiring an additional 173,331 shares during the period. Canadian National Railway comprises about 1.7% of Scotia Capital Inc.'s investment portfolio, making the stock its 19th biggest holding. Scotia Capital Inc. owned approximately 0.51% of Canadian National Railway worth $308,925,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CNI. Geode Capital Management LLC grew its stake in shares of Canadian National Railway by 29.0% during the fourth quarter. Geode Capital Management LLC now owns 3,306,192 shares of the transportation company's stock valued at $340,987,000 after acquiring an additional 743,712 shares in the last quarter. Trexquant Investment LP grew its stake in shares of Canadian National Railway by 177.8% during the fourth quarter. Trexquant Investment LP now owns 64,689 shares of the transportation company's stock valued at $6,567,000 after acquiring an additional 41,407 shares in the last quarter. ExodusPoint Capital Management LP grew its stake in shares of Canadian National Railway by 966.0% during the fourth quarter. ExodusPoint Capital Management LP now owns 86,700 shares of the transportation company's stock valued at $8,801,000 after acquiring an additional 78,567 shares in the last quarter. Pitcairn Co. grew its stake in Canadian National Railway by 3.5% in the fourth quarter. Pitcairn Co. now owns 4,751 shares of the transportation company's stock worth $482,000 after purchasing an additional 159 shares in the last quarter. Finally, Smith Moore & CO. grew its stake in Canadian National Railway by 14.0% in the fourth quarter. Smith Moore & CO. now owns 3,266 shares of the transportation company's stock worth $332,000 after purchasing an additional 400 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CNI. National Bank Financial downgraded Canadian National Railway from an "outperform" rating to a "sector perform" rating in a research note on Wednesday, July 23rd. Bank of America lifted their price target on Canadian National Railway from $105.00 to $115.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Jefferies Financial Group decreased their price target on Canadian National Railway from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Canadian National Railway in a research note on Wednesday, July 23rd. Finally, Citigroup decreased their price target on Canadian National Railway from $124.00 to $123.00 and set a "buy" rating for the company in a research note on Wednesday, July 9th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $118.36.

Canadian National Railway Stock Performance

CNI opened at $92.82 on Friday. The business's 50 day moving average is $102.49 and its 200-day moving average is $101.25. The stock has a market cap of $58.15 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 2.07 and a beta of 0.94. The company has a current ratio of 0.82, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90. Canadian National Railway Company has a twelve month low of $91.65 and a twelve month high of $121.12.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last released its quarterly earnings results on Tuesday, July 22nd. The transportation company reported $1.35 earnings per share 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 quarterly revenue was down 1.3% on a year-over-year basis. During the same period last year, the firm posted $1.84 EPS. On average, analysts predict that Canadian National Railway Company will post 5.52 earnings per share for the current year.

Canadian National Railway Increases Dividend

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

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