Short Interest in Canadian National Railway Company (NYSE:CNI) Declines By 48.2%

Key Points

• Short interest in Canadian National Railway Company (CNI) decreased by 48.2% in September, falling from 10,140,000 to 5,250,000 shares.
• The company recently declared a quarterly dividend of $0.6507, an increase from the previous $0.62, reflecting a positive change for shareholders.
• Analysts have a consensus rating of "Moderate Buy" on CNI stock, with an average price target of $113.90.

Canadian National Railway Company (NYSE:CNI - Get Free Report) TSE: CNR was the target of a large decline in short interest in the month of September. As of September 30th, there was short interest totaling 5,250,000 shares, a decline of 48.2% from the September 15th total of 10,140,000 shares. Based on an average daily volume of 1,730,000 shares, the days-to-cover ratio is currently 3.0 days. Currently, 0.9% of the company's shares are sold short. Currently, 0.9% of the company's shares are sold short. Based on an average daily volume of 1,730,000 shares, the days-to-cover ratio is currently 3.0 days.

Canadian National Railway Price Performance

Shares of CNI stock opened at $95.69 on Monday. The firm has a fifty day moving average of $94.79 and a two-hundred day moving average of $98.85. The firm has a market cap of $59.21 billion, a P/E ratio of 18.40, a P/E/G ratio of 2.17 and a beta of 0.96. Canadian National Railway has a 1-year low of $91.07 and a 1-year high of $114.99. 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 issued its earnings results on Tuesday, July 22nd. The transportation company reported $1.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.37 by ($0.02). The company had revenue of $3.14 billion during the quarter, compared to analyst estimates of $4.34 billion. Canadian National Railway had a net margin of 26.63% and a return on equity of 21.71%. The business's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.84 EPS. As a group, research analysts anticipate that Canadian National Railway will post 5.52 earnings per share for the current fiscal year.

Canadian National Railway Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 8th were issued a $0.6507 dividend. This is a positive change from Canadian National Railway's previous quarterly dividend of $0.62. The ex-dividend date was Monday, September 8th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 2.7%. Canadian National Railway's dividend payout ratio (DPR) is presently 50.19%.

Institutional Investors Weigh In On Canadian National Railway

Several institutional investors and hedge funds have recently made changes to their positions in CNI. GAMMA Investing LLC increased its stake in Canadian National Railway by 31.3% during the first quarter. GAMMA Investing LLC now owns 718 shares of the transportation company's stock valued at $70,000 after purchasing an additional 171 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Canadian National Railway by 12.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 23,897 shares of the transportation company's stock valued at $2,329,000 after buying an additional 2,572 shares during the period. CWA Asset Management Group LLC bought a new stake in shares of Canadian National Railway during the 1st quarter valued at about $257,000. Brown Lisle Cummings Inc. lifted its holdings in Canadian National Railway by 9.4% in the first quarter. Brown Lisle Cummings Inc. now owns 49,248 shares of the transportation company's stock worth $4,800,000 after acquiring an additional 4,250 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in Canadian National Railway by 22.9% in the first quarter. Oppenheimer & Co. Inc. now owns 26,358 shares of the transportation company's stock valued at $2,569,000 after acquiring an additional 4,904 shares during the period. 80.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on CNI. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Canadian National Railway in a research report on Wednesday, October 8th. Citigroup lowered their price target on shares of Canadian National Railway from $121.00 to $119.00 and set a "buy" rating for the company in a report on Monday, October 13th. Bank of America dropped their price target on shares of Canadian National Railway from $106.00 to $102.00 and set a "neutral" rating on the stock in a research note on Monday, September 29th. Barclays decreased their price objective on shares of Canadian National Railway from $99.00 to $97.00 and set an "equal weight" rating for the company in a research report on Thursday, October 2nd. Finally, Royal Bank Of Canada lowered their target price 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. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $113.90.

About Canadian National Railway

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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