Forsta AP Fonden Sells 41,500 Shares of Canadian National Railway Company (NYSE:CNI)

Key Points

• Forsta AP Fonden has reduced its stake in Canadian National Railway by 29.7%, selling 41,500 shares and holding 98,200 shares valued at approximately $9.56 million.
• Analysts have revised their price targets for Canadian National Railway, with Stifel Nicolaus lowering it from $125 to $115, and others like Wells Fargo also adjusting theirs downwards, indicating a cautious outlook.
• The company recently declared an increase in its quarterly dividend to $0.6507 per share, a rise from the previous $0.62, representing a 2.8% dividend yield.

Forsta AP Fonden cut its position in Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 29.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 98,200 shares of the transportation company's stock after selling 41,500 shares during the period. Forsta AP Fonden's holdings in Canadian National Railway were worth $9,555,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Invesco Ltd. boosted its stake in Canadian National Railway by 4.0% during the 4th quarter. Invesco Ltd. now owns 523,944 shares of the transportation company's stock valued at $53,186,000 after purchasing an additional 20,249 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Canadian National Railway by 501.2% during the 4th quarter. Renaissance Technologies LLC now owns 352,900 shares of the transportation company's stock valued at $35,823,000 after purchasing an additional 294,200 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Canadian National Railway during the 4th quarter valued at about $28,022,000. Rockefeller Capital Management L.P. boosted its stake in Canadian National Railway by 2.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 145,209 shares of the transportation company's stock valued at $14,745,000 after purchasing an additional 2,842 shares during the last quarter. Finally, Townsquare Capital LLC boosted its stake in Canadian National Railway by 89.5% during the 4th quarter. Townsquare Capital LLC now owns 3,883 shares of the transportation company's stock valued at $394,000 after purchasing an additional 1,834 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Canadian National Railway in a research note on Wednesday, July 23rd. Stephens lifted their price target on shares of Canadian National Railway from $105.00 to $109.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. National Bank Financial cut shares of Canadian National Railway from an "outperform" rating to a "sector perform" rating in a report on Wednesday, July 23rd. Evercore ISI cut shares of Canadian National Railway from an "outperform" rating to an "in-line" rating and set a $105.00 price target on the stock. in a report on Wednesday, July 23rd. Finally, Citigroup lowered their price target 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. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $118.36.

Canadian National Railway Price Performance

Shares of CNI traded up $0.13 during midday trading on Wednesday, hitting $93.92. 3,614,019 shares of the company traded hands, compared to its average volume of 1,496,259. The stock has a 50-day moving average of $100.85 and a 200-day moving average of $100.76. Canadian National Railway Company has a one year low of $91.65 and a one year high of $121.12. The firm has a market cap of $58.84 billion, a P/E ratio of 18.06, a PEG ratio of 2.07 and a beta of 0.94. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.82 and a quick ratio of 0.58.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last announced its quarterly earnings results on Tuesday, July 22nd. The transportation company reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.02). Canadian National Railway had a net margin of 26.63% and a return on equity of 21.71%. The company had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the prior year, the company earned $1.84 earnings per share. The company's quarterly revenue was down 1.3% on a year-over-year basis. As a group, sell-side analysts predict that Canadian National Railway Company will post 5.52 EPS 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. Stockholders of record on Monday, September 8th will be issued a $0.6507 dividend. The ex-dividend date of this dividend is Monday, September 8th. This is an increase from Canadian National Railway's previous quarterly dividend of $0.62. This represents a $2.60 annualized dividend and a dividend yield of 2.8%. Canadian National Railway's payout ratio is currently 49.81%.

Canadian National Railway 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.