Mackenzie Financial Corp Has $834.13 Million Position in Canadian National Railway Company (NYSE:CNI)

Key Points

• Mackenzie Financial Corp increased its holdings in Canadian National Railway Company by 6.3%, acquiring an additional 505,588 shares, bringing its total to approximately 8.57 million shares.
• The company recently reported quarterly earnings of $1.35 EPS, missing analyst estimates of $1.37 EPS, with revenue also falling short at $3.14 billion compared to a consensus of $4.34 billion.
• Canadian National Railway raised its quarterly dividend to $0.6507 per share, up from its previous dividend of $0.62, reflecting an annualized yield of 2.71%.

Mackenzie Financial Corp lifted its stake in shares of Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,571,806 shares of the transportation company's stock after purchasing an additional 505,588 shares during the quarter. Canadian National Railway comprises approximately 1.2% of Mackenzie Financial Corp's portfolio, making the stock its 15th biggest position. Mackenzie Financial Corp owned about 1.36% of Canadian National Railway worth $834,129,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bruce G. Allen Investments LLC increased its holdings in Canadian National Railway by 44.2% during the 1st quarter. Bruce G. Allen Investments LLC now owns 346 shares of the transportation company's stock valued at $34,000 after acquiring an additional 106 shares in the last quarter. CX Institutional purchased a new stake in Canadian National Railway during the 1st quarter worth about $39,000. Dunhill Financial LLC boosted its stake in shares of Canadian National Railway by 1,020.0% during the 4th quarter. Dunhill Financial LLC now owns 560 shares of the transportation company's stock worth $57,000 after purchasing an additional 510 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Canadian National Railway by 31.3% during the first quarter. GAMMA Investing LLC now owns 718 shares of the transportation company's stock worth $70,000 after buying an additional 171 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV raised its position in shares of Canadian National Railway by 57.8% in the first quarter. Creative Financial Designs Inc. ADV now owns 819 shares of the transportation company's stock valued at $80,000 after buying an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Canadian National Railway Stock Down 0.8%

Shares of NYSE:CNI traded down $0.71 during midday trading on Thursday, reaching $93.52. The company had a trading volume of 793,595 shares, compared to its average volume of 1,479,885. Canadian National Railway Company has a one year low of $91.65 and a one year high of $121.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.82 and a quick ratio of 0.58. The stock has a market capitalization of $58.59 billion, a P/E ratio of 17.99, a PEG ratio of 2.12 and a beta of 0.97. The stock's fifty day moving average price is $102.99 and its 200-day moving average price is $101.35.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last posted 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 firm had revenue of $3.14 billion during the quarter, compared to analyst estimates of $4.34 billion. Canadian National Railway had a return on equity of 21.71% and a net margin of 26.63%. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter last year, the business posted $1.84 earnings per share. 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 company 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 $0.6507 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $2.60 annualized dividend and a dividend yield of 2.78%. This is a positive change from Canadian National Railway's previous quarterly dividend of $0.62. Canadian National Railway's dividend payout ratio (DPR) is presently 49.81%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CNI shares. Evercore ISI downgraded Canadian National Railway from an "outperform" rating to an "in-line" rating and set a $105.00 price target for the company. in a report on Wednesday, July 23rd. Citigroup cut their price objective on shares of Canadian National Railway from $124.00 to $123.00 and set a "buy" rating on the stock in a report on Wednesday, July 9th. Bank of America lifted their price target 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. Raymond James Financial upgraded Canadian National Railway from a "market perform" rating to an "outperform" rating in a report on Thursday, July 17th. Finally, National Bank Financial downgraded shares of Canadian National Railway from an "outperform" rating to a "sector perform" rating in a research report on Wednesday, July 23rd. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $118.36.

Canadian National Railway Company Profile

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.