Norges Bank Acquires New Shares in Canadian National Railway Company $CNI

Key Points

• Norges Bank disclosed a new position in Canadian National Railway, buying 5,764,854 shares worth about $570.2 million, or roughly 0.94% of the company.
• Other major institutional investors, including Vanguard and Bank of Montreal, also increased their holdings, and institutions now own 80.74% of Canadian National Railway.
• The railway reported Q1 earnings and revenue in line with expectations, and it recently announced a quarterly dividend of $0.915 per share payable June 30, implying a 3.1% yield.

Norges Bank acquired a new stake in Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 5,764,854 shares of the transportation company's stock, valued at approximately $570,161,000. Norges Bank owned approximately 0.94% of Canadian National Railway as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CNI. Vanguard Group Inc. increased its holdings in Canadian National Railway by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 24,646,922 shares of the transportation company's stock worth $2,437,679,000 after purchasing an additional 346,670 shares in the last quarter. Bank of Montreal Can increased its holdings in Canadian National Railway by 0.3% during the 3rd quarter. Bank of Montreal Can now owns 14,201,675 shares of the transportation company's stock worth $1,338,948,000 after purchasing an additional 42,907 shares in the last quarter. Caisse de depot et placement du Quebec increased its holdings in Canadian National Railway by 1.1% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 13,894,922 shares of the transportation company's stock worth $1,310,600,000 after purchasing an additional 157,000 shares in the last quarter. Lazard Asset Management LLC increased its holdings in Canadian National Railway by 639,137.0% during the 3rd quarter. Lazard Asset Management LLC now owns 8,955,711 shares of the transportation company's stock worth $844,353,000 after purchasing an additional 8,954,310 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in Canadian National Railway by 0.4% during the 3rd quarter. Mackenzie Financial Corp now owns 8,626,147 shares of the transportation company's stock worth $813,287,000 after purchasing an additional 35,938 shares in the last quarter. Institutional investors own 80.74% of the company's stock.

Canadian National Railway Trading Down 0.0%

Canadian National Railway stock opened at $118.54 on Monday. The firm has a 50-day moving average of $109.59 and a 200-day moving average of $103.86. Canadian National Railway Company has a one year low of $90.74 and a one year high of $119.87. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.67 and a quick ratio of 0.49. The company has a market cap of $72.04 billion, a price-to-earnings ratio of 21.55, a P/E/G ratio of 2.27 and a beta of 0.96.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.31 EPS for the quarter, hitting analysts' consensus estimates of $1.31. Canadian National Railway had a net margin of 27.22% and a return on equity of 21.90%. The company had revenue of $3.15 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the business posted $1.85 EPS. The company's quarterly revenue was down .5% on a year-over-year basis. On average, equities analysts expect that Canadian National Railway Company will post 5.76 earnings per share for the current fiscal year.

Canadian National Railway Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th will be paid a dividend of $0.915 per share. This represents a $3.66 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, June 9th. Canadian National Railway's dividend payout ratio is currently 48.73%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CNI. Bank of America upgraded Canadian National Railway from a "neutral" rating to a "buy" rating and increased their target price for the stock from $117.00 to $122.00 in a report on Thursday, April 9th. Barclays increased their target price on Canadian National Railway from $98.00 to $99.00 and gave the stock an "equal weight" rating in a report on Thursday, April 30th. Evercore lowered their target price on Canadian National Railway from $105.00 to $103.00 and set an "in-line" rating for the company in a report on Monday, February 2nd. UBS Group cut Canadian National Railway from a "strong-buy" rating to a "hold" rating in a report on Monday, February 2nd. Finally, Sanford C. Bernstein increased their target price on Canadian National Railway from $113.88 to $117.36 and gave the stock a "market perform" rating in a report on Tuesday, March 31st. Nine investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Canadian National Railway currently has an average rating of "Hold" and an average target price of $122.04.

Canadian National Railway Company Profile

Canadian National Railway Company NYSE: CNI is a Class I freight railway that operates an integrated rail network across Canada and the United States. Headquartered in Montreal, Quebec, CN provides long-haul freight transportation and related logistics services that connect major ports, industrial centers and inland markets throughout North America. Its transcontinental system enables cross-border movement of goods and supports supply chains that span coast-to-coast in Canada and into the central and eastern United States.

CN's core business is the railborne transportation of a broad mix of commodities, including intermodal container traffic, forest and paper products, grain and other agricultural products, metallurgical and industrial products, petroleum and chemical products, coal and automotive shipments.

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