PineStone Asset Management Inc. Sells 119,700 Shares of Canadian National Railway Company $CNI

Key Points

• PineStone Asset Management cut its Canadian National Railway position by 5.9%, selling 119,700 shares and retaining 1.91 million shares worth approximately $227.7 million. Institutional investors and hedge funds own 80.74% of the company.
• Canadian National Railway reported quarterly EPS of $1.50, exceeding estimates of $1.39, while revenue rose 11.3% year over year to $3.35 billion.
• The company pays a quarterly dividend of C$0.92, equivalent to an annualized C$3.66 and a 3.0% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $137.49.

PineStone Asset Management Inc. reduced its position in Canadian National Railway Company (NYSE:CNI - Free Report) TSE: CNR by 5.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,914,655 shares of the transportation company's stock after selling 119,700 shares during the period. Canadian National Railway makes up about 1.5% of PineStone Asset Management Inc.'s holdings, making the stock its 22nd biggest holding. PineStone Asset Management Inc. owned approximately 0.32% of Canadian National Railway worth $227,652,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Lazard Asset Management LLC increased its position in shares of Canadian National Railway by 2.0% during the first quarter. Lazard Asset Management LLC now owns 9,077,518 shares of the transportation company's stock worth $934,488,000 after acquiring an additional 173,894 shares during the last quarter. TD Waterhouse Canada Inc. lifted its stake in shares of Canadian National Railway by 5.8% in the third quarter. TD Waterhouse Canada Inc. now owns 4,546,356 shares of the transportation company's stock worth $532,519,000 after acquiring an additional 248,401 shares in the last quarter. Canoe Financial LP boosted its holdings in Canadian National Railway by 17.2% in the first quarter. Canoe Financial LP now owns 3,426,466 shares of the transportation company's stock valued at $352,527,000 after purchasing an additional 502,424 shares during the last quarter. Swiss National Bank boosted its holdings in Canadian National Railway by 26.3% in the first quarter. Swiss National Bank now owns 1,761,000 shares of the transportation company's stock valued at $180,986,000 after purchasing an additional 367,100 shares during the last quarter. Finally, Cardinal Capital Management Inc. boosted its holdings in Canadian National Railway by 5.8% in the second quarter. Cardinal Capital Management Inc. now owns 1,254,252 shares of the transportation company's stock valued at $149,384,000 after purchasing an additional 68,791 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Canadian National Railway Price Performance

Shares of CNI stock opened at $121.85 on Friday. The firm has a market cap of $73.42 billion, a P/E ratio of 21.61, a P/E/G ratio of 2.18 and a beta of 0.96. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.87 and a quick ratio of 0.61. Canadian National Railway Company has a 1-year low of $90.74 and a 1-year high of $131.55. The firm has a fifty day moving average of $122.33 and a two-hundred day moving average of $119.02.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last released its earnings results on Friday, July 24th. The transportation company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.11. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.26 billion. Canadian National Railway had a net margin of 26.92% and a return on equity of 22.22%. The company's revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.87 EPS. As a group, research analysts anticipate that Canadian National Railway Company will post 5.80 earnings per share for the current fiscal year.

Canadian National Railway Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 8th were paid a C$0.92 dividend. This represents a $3.66 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Tuesday, September 8th. Canadian National Railway's dividend payout ratio (DPR) is 46.10%.

Analyst Ratings Changes

CNI has been the subject of a number of recent analyst reports. Susquehanna lowered their price objective on Canadian National Railway from $142.00 to $130.00 and set a "neutral" rating for the company in a research note on Friday, October 2nd. Stephens upgraded Canadian National Railway to a "hold" rating in a report on Wednesday, July 8th. Citigroup cut their target price on Canadian National Railway from $151.00 to $143.00 and set a "buy" rating on the stock in a research report on Wednesday, October 7th. Benchmark reaffirmed a "hold" rating on shares of Canadian National Railway in a research report on Monday, July 27th. Finally, Weiss Ratings upgraded Canadian National Railway from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, August 13th. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $137.49.

Canadian National Railway Profile

Canadian National Railway Company NYSE: CNI is a transportation and logistics company that operates a major freight railway network across Canada and the United States. The company provides rail, intermodal and related transportation services for shippers, connecting production and consumption centers with ports and distribution hubs.

CN transports a broad range of commodities and manufactured goods, including petroleum and chemicals, grain and fertilizers, forest products, metals and minerals, coal, automotive products and consumer goods.

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