Millennium Management LLC Sells 653,467 Shares of Canadian National Railway Company $CNI

Key Points

• Millennium Management LLC reduced its stake in Canadian National Railway Company by 43.4%, selling 653,467 shares to own 851,180 shares worth approximately $82.95 million.
• Canadian National Railway reported EPS of $1.35 for the last quarter, missing the expected $1.37, with a year-over-year revenue decline of 1.3%.
• The company has declared an increased quarterly dividend of $0.6507 per share, reflecting a boost from the previous dividend amount, with an annualized yield of 2.7%.

Millennium Management LLC decreased its stake in Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 43.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 851,180 shares of the transportation company's stock after selling 653,467 shares during the period. Millennium Management LLC owned 0.14% of Canadian National Railway worth $82,954,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CNI. Interval Partners LP acquired a new stake in Canadian National Railway in the 1st quarter valued at approximately $29,784,000. Encompass Capital Advisors LLC acquired a new position in shares of Canadian National Railway during the 1st quarter valued at $48,710,000. AQR Capital Management LLC acquired a new position in shares of Canadian National Railway during the 1st quarter valued at $311,000. Amundi increased its position in shares of Canadian National Railway by 47.8% during the 1st quarter. Amundi now owns 1,337,919 shares of the transportation company's stock valued at $130,394,000 after purchasing an additional 432,860 shares during the period. Finally, Federation des caisses Desjardins du Quebec increased its position in shares of Canadian National Railway by 19.5% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 2,990,341 shares of the transportation company's stock valued at $290,029,000 after purchasing an additional 488,245 shares during the period. Institutional investors own 80.74% of the company's stock.

Canadian National Railway Stock Up 1.6%

Shares of Canadian National Railway stock traded up $1.52 during midday trading on Thursday, hitting $93.93. The company's stock had a trading volume of 2,273,094 shares, compared to its average volume of 1,534,518. The firm has a market capitalization of $58.64 billion, a P/E ratio of 18.06, a PEG ratio of 2.14 and a beta of 0.94. The stock has a 50-day simple moving average of $97.19 and a 200-day simple moving average of $99.62. 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 1-year low of $91.07 and a 1-year high of $121.12.

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 the consensus estimate of $1.37 by ($0.02). The business 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 business's quarterly revenue was down 1.3% on a year-over-year basis. During the same period last year, the business earned $1.84 EPS. As a group, sell-side analysts expect that Canadian National Railway Company will post 5.52 earnings per share 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. Shareholders of record on Monday, September 8th will be issued a dividend of $0.6507 per share. This represents a $2.60 annualized dividend and a yield of 2.8%. This is an increase from Canadian National Railway's previous quarterly dividend of $0.62. The ex-dividend date is Monday, September 8th. Canadian National Railway's dividend payout ratio is 50.19%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CNI. Raymond James Financial upgraded Canadian National Railway from a "market perform" rating to an "outperform" rating in a research report on Thursday, July 17th. Royal Bank Of Canada reduced their price objective 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. Argus raised Canadian National Railway to a "hold" rating in a research note on Friday, June 27th. Barclays reduced their price objective on Canadian National Railway from $106.00 to $99.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 23rd. Finally, 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 research note on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $118.36.

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.