Patten & Patten Inc. TN Has $7.54 Million Position in Canadian National Railway Company $CNI

Key Points

• Patten & Patten Inc. TN reduced its stake in Canadian National Railway Company by 5.6% during the second quarter, holding a total of 72,472 shares worth approximately $7.54 million.
• Analysts have mixed opinions on the stock, with several downgrading their price targets; currently, Canadian National Railway has an average rating of "Moderate Buy" and a consensus target price of $113.90.
• The company announced an increase in its quarterly dividend to $0.6507 per share, representing an annualized dividend yield of 2.7%, up from its previous rate of $0.62.

Patten & Patten Inc. TN lessened its position in Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 5.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,472 shares of the transportation company's stock after selling 4,329 shares during the period. Patten & Patten Inc. TN's holdings in Canadian National Railway were worth $7,540,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Bennett Selby Investments LP raised its stake in Canadian National Railway by 2.2% during the 2nd quarter. Bennett Selby Investments LP now owns 4,796 shares of the transportation company's stock worth $499,000 after buying an additional 101 shares during the period. Heartland Advisors Inc. raised its stake in shares of Canadian National Railway by 0.9% in the first quarter. Heartland Advisors Inc. now owns 12,293 shares of the transportation company's stock worth $1,198,000 after purchasing an additional 108 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Canadian National Railway by 3.3% in the second quarter. IFP Advisors Inc now owns 3,582 shares of the transportation company's stock worth $373,000 after purchasing an additional 115 shares during the last quarter. Diversified Trust Co raised its stake in shares of Canadian National Railway by 5.7% in the first quarter. Diversified Trust Co now owns 2,561 shares of the transportation company's stock worth $250,000 after purchasing an additional 139 shares during the last quarter. Finally, Mather Group LLC. raised its stake in shares of Canadian National Railway by 3.4% in the first quarter. Mather Group LLC. now owns 4,351 shares of the transportation company's stock worth $424,000 after purchasing an additional 142 shares during the last quarter. Institutional investors own 80.74% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Royal Bank Of Canada lowered 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. Raymond James Financial raised Canadian National Railway from a "market perform" rating to an "outperform" rating in a research note on Thursday, July 17th. National Bank Financial downgraded Canadian National Railway from an "outperform" rating to a "sector perform" rating in a research note on Wednesday, July 23rd. Evercore ISI downgraded Canadian National Railway from an "outperform" rating to an "in-line" rating and set a $105.00 price objective for the company. in a research note on Wednesday, July 23rd. Finally, Citigroup decreased their price target on Canadian National Railway from $121.00 to $119.00 and set a "buy" rating for the company in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Canadian National Railway currently has an average rating of "Moderate Buy" and a consensus target price of $113.90.

Canadian National Railway Price Performance

Shares of NYSE CNI opened at $97.08 on Thursday. The stock has a fifty day simple moving average of $94.68 and a two-hundred day simple moving average of $98.89. Canadian National Railway Company has a 1-year low of $91.07 and a 1-year high of $116.79. The firm has a market cap of $60.26 billion, a price-to-earnings ratio of 18.67, a price-to-earnings-growth ratio of 2.17 and a beta of 0.96. The company has a current ratio of 0.82, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last announced its quarterly earnings data 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 firm had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period last year, the company posted $1.84 earnings per share. Canadian National Railway's revenue for the quarter was down 1.3% on a year-over-year basis. Analysts anticipate that Canadian National Railway Company will post 5.52 earnings per share for the current year.

Canadian National Railway Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 8th were issued a dividend of $0.6507 per share. This represents a $2.60 annualized dividend and a yield of 2.7%. This is a positive change from Canadian National Railway's previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Monday, September 8th. Canadian National Railway's dividend payout ratio is currently 50.19%.

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.

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