Coronation Fund Managers Ltd. Sells 155,449 Shares of Canadian National Railway Company (NYSE:CNI)

Key Points

• Coronation Fund Managers Ltd. reduced its holdings in Canadian National Railway by 85.3%, selling 155,449 shares and now owning 26,773 shares worth approximately $2.6 million.
• Several other investors made significant adjustments to their stakes in Canadian National Railway, with some increasing their holdings by over 1,000%.
• The company recently declared a quarterly dividend of $0.6507 per share, an increase from the previous dividend, resulting in an annualized payout of $2.60 and a yield of 2.8%.

Coronation Fund Managers Ltd. trimmed its position in shares of Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 85.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,773 shares of the transportation company's stock after selling 155,449 shares during the quarter. Coronation Fund Managers Ltd.'s holdings in Canadian National Railway were worth $2,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bruce G. Allen Investments LLC lifted its holdings in Canadian National Railway by 44.2% during the first quarter. Bruce G. Allen Investments LLC now owns 346 shares of the transportation company's stock valued at $34,000 after purchasing an additional 106 shares during the last quarter. CX Institutional bought a new position in Canadian National Railway during the first quarter valued at approximately $39,000. Dunhill Financial LLC grew its position in Canadian National Railway by 1,020.0% during the fourth quarter. Dunhill Financial LLC now owns 560 shares of the transportation company's stock valued at $57,000 after acquiring an additional 510 shares during the last quarter. GAMMA Investing LLC boosted its stake 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 valued at $70,000 after purchasing an additional 171 shares during the period. Finally, Creative Financial Designs Inc. ADV boosted its stake in shares of Canadian National Railway by 57.8% during the first quarter. Creative Financial Designs Inc. ADV now owns 819 shares of the transportation company's stock valued at $80,000 after purchasing an additional 300 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CNI has been the subject of a number of research analyst reports. Stephens raised their price target on Canadian National Railway from $105.00 to $109.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Stifel Nicolaus reduced their price target on Canadian National Railway from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wells Fargo & Company reduced their price objective on Canadian National Railway from $120.00 to $117.00 and set an "overweight" rating for the company in a report on Wednesday, July 23rd. Citigroup reduced their price objective on Canadian National Railway from $124.00 to $123.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. Finally, Royal Bank Of Canada cut their price target on Canadian National Railway from $161.00 to $157.00 and set an "outperform" rating for the company in a research note on Wednesday, July 23rd. Two investment 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $118.36.

Canadian National Railway Price Performance

CNI stock traded up $0.66 during midday trading on Tuesday, hitting $93.90. The company's stock had a trading volume of 1,365,170 shares, compared to its average volume of 1,860,021. The company has a quick ratio of 0.58, a current ratio of 0.82 and a debt-to-equity ratio of 0.90. Canadian National Railway Company has a 12 month low of $91.65 and a 12 month high of $121.12. The company has a 50 day moving average of $100.85 and a two-hundred day moving average of $100.76. The firm has a market capitalization of $58.83 billion, a price-to-earnings ratio of 18.06, a price-to-earnings-growth ratio of 2.07 and a beta of 0.94.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last released its quarterly earnings data on Tuesday, July 22nd. The transportation company reported $1.35 earnings per share (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 the consensus estimate of $4.34 billion. Canadian National Railway had a return on equity of 21.71% and a net margin of 26.63%. The business's revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.84 EPS. On average, analysts expect that Canadian National Railway Company will post 5.52 EPS for the current year.

Canadian National Railway Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 8th will be given a dividend of $0.6507 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $2.60 annualized dividend and a dividend yield of 2.8%. This is an increase from Canadian National Railway's previous quarterly dividend of $0.62. Canadian National Railway's dividend payout ratio is presently 49.81%.

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.