Summit Global Investments Purchases New Position in Canadian National Railway (NYSE:CNI)

Summit Global Investments acquired a new stake in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,425 shares of the transportation company’s stock, valued at approximately $636,000.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in shares of Canadian National Railway by 29.6% during the third quarter. Principal Financial Group Inc. now owns 92,300 shares of the transportation company’s stock worth $10,820,000 after purchasing an additional 21,100 shares in the last quarter. Concurrent Investment Advisors LLC grew its stake in Canadian National Railway by 4.7% in the third quarter. Concurrent Investment Advisors LLC now owns 7,523 shares of the transportation company’s stock valued at $881,000 after acquiring an additional 338 shares during the period. Radnor Capital Management LLC acquired a new position in Canadian National Railway in the third quarter valued at about $316,000. Northstar Asset Management Inc. increased its holdings in shares of Canadian National Railway by 1.2% in the third quarter. Northstar Asset Management Inc. now owns 96,462 shares of the transportation company’s stock worth $11,301,000 after acquiring an additional 1,164 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Canadian National Railway by 45.0% during the third quarter. Van ECK Associates Corp now owns 233,110 shares of the transportation company’s stock worth $26,126,000 after purchasing an additional 72,320 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CNI. The Goldman Sachs Group lowered their target price on Canadian National Railway from $131.00 to $124.00 and set a “sell” rating for the company in a research note on Wednesday, October 9th. Stephens restated an “equal weight” rating and set a $116.00 price objective on shares of Canadian National Railway in a report on Wednesday, October 23rd. Royal Bank of Canada raised shares of Canadian National Railway from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Veritas upgraded Canadian National Railway from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 23rd. Finally, Evercore ISI reduced their price objective on Canadian National Railway from $119.00 to $116.00 and set an “in-line” rating for the company in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Canadian National Railway presently has an average rating of “Hold” and a consensus price target of $125.18.

Canadian National Railway Stock Down 2.2 %

Shares of CNI stock opened at $110.80 on Friday. Canadian National Railway has a 52-week low of $107.54 and a 52-week high of $134.02. The stock has a market cap of $69.67 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 2.53 and a beta of 0.89. The firm’s 50-day moving average is $114.71 and its 200-day moving average is $118.23. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.49 and a current ratio of 0.64.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last released its quarterly earnings data on Tuesday, October 22nd. The transportation company reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.02. Canadian National Railway had a return on equity of 23.62% and a net margin of 31.65%. The firm had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the prior year, the company earned $1.26 earnings per share. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. Sell-side analysts predict that Canadian National Railway will post 5.52 EPS for the current year.

Canadian National Railway Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a dividend of $0.6108 per share. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.44 dividend on an annualized basis and a yield of 2.21%. Canadian National Railway’s dividend payout ratio (DPR) is 39.26%.

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.