Coronation Fund Managers Ltd. Sells 382,113 Shares of Canadian National Railway (NYSE:CNI)

Coronation Fund Managers Ltd. decreased its holdings in Canadian National Railway (NYSE:CNI) (TSE:CNR) by 56.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 298,033 shares of the transportation company’s stock after selling 382,113 shares during the quarter. Canadian National Railway makes up 1.6% of Coronation Fund Managers Ltd.’s investment portfolio, making the stock its 23rd biggest holding. Coronation Fund Managers Ltd.’s holdings in Canadian National Railway were worth $35,207,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. GQG Partners LLC lifted its position in shares of Canadian National Railway by 0.8% in the 1st quarter. GQG Partners LLC now owns 11,424 shares of the transportation company’s stock worth $1,505,000 after purchasing an additional 93 shares during the period. Choreo LLC boosted its position in Canadian National Railway by 1.5% during the first quarter. Choreo LLC now owns 6,427 shares of the transportation company’s stock valued at $846,000 after acquiring an additional 97 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in Canadian National Railway by 2.5% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,156 shares of the transportation company’s stock worth $547,000 after acquiring an additional 100 shares during the period. Whittier Trust Co. of Nevada Inc. raised its position in shares of Canadian National Railway by 1.1% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 9,350 shares of the transportation company’s stock worth $1,105,000 after acquiring an additional 102 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of Canadian National Railway by 19.3% in the 2nd quarter. Blue Trust Inc. now owns 648 shares of the transportation company’s stock valued at $77,000 after purchasing an additional 105 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Canadian National Railway Stock Performance

Shares of Canadian National Railway stock opened at $117.12 on Wednesday. Canadian National Railway has a 12 month low of $103.96 and a 12 month high of $134.02. The firm has a market capitalization of $73.75 billion, a P/E ratio of 18.68, a price-to-earnings-growth ratio of 2.47 and a beta of 0.88. The business’s fifty day simple moving average is $115.56 and its 200 day simple moving average is $121.52. The company has a current ratio of 0.63, a quick ratio of 0.48 and a debt-to-equity ratio of 0.93.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last released its earnings results on Tuesday, July 23rd. The transportation company reported $1.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.09). Canadian National Railway had a net margin of 32.00% and a return on equity of 23.58%. The company had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the previous year, the firm earned $1.31 earnings per share. The firm’s revenue was up 6.7% compared to the same quarter last year. As a group, analysts anticipate that Canadian National Railway will post 5.58 EPS for the current year.

Canadian National Railway Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 6th were paid a $0.614 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $2.46 annualized dividend and a dividend yield of 2.10%. Canadian National Railway’s payout ratio is presently 39.08%.

Analyst Upgrades and Downgrades

Several research firms recently commented on CNI. National Bank Financial raised Canadian National Railway from a “sector perform” rating to an “outperform” rating in a research note on Thursday, June 27th. Wells Fargo & Company lowered their price objective on shares of Canadian National Railway from $130.00 to $125.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 24th. Benchmark reissued a “hold” rating on shares of Canadian National Railway in a research note on Wednesday, July 24th. Evercore ISI decreased their price target on shares of Canadian National Railway from $128.00 to $119.00 and set an “in-line” rating for the company in a research note on Wednesday, September 25th. Finally, Susquehanna reduced their target price on Canadian National Railway from $135.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Sixteen equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $132.76.

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.