Pinnacle Associates Ltd. Raises Stake in Canadian National Railway (NYSE:CNI)

Pinnacle Associates Ltd. grew its stake in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) by 3.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 103,395 shares of the transportation company’s stock after buying an additional 3,242 shares during the period. Pinnacle Associates Ltd.’s holdings in Canadian National Railway were worth $12,990,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Canadian National Railway in the 2nd quarter valued at $26,000. Addison Advisors LLC raised its position in shares of Canadian National Railway by 159.1% in the second quarter. Addison Advisors LLC now owns 241 shares of the transportation company’s stock worth $28,000 after buying an additional 148 shares in the last quarter. Fortitude Family Office LLC boosted its stake in Canadian National Railway by 738.7% during the third quarter. Fortitude Family Office LLC now owns 260 shares of the transportation company’s stock valued at $30,000 after buying an additional 229 shares during the period. ORG Partners LLC purchased a new position in Canadian National Railway during the second quarter worth about $34,000. Finally, Daiwa Securities Group Inc. bought a new position in Canadian National Railway in the 1st quarter worth about $64,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Canadian National Railway Trading Up 0.1 %

Shares of NYSE:CNI traded up $0.09 during midday trading on Wednesday, hitting $110.38. 206,142 shares of the stock traded hands, compared to its average volume of 1,108,088. The company has a quick ratio of 0.49, a current ratio of 0.64 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $69.41 billion, a PE ratio of 17.67, a P/E/G ratio of 2.49 and a beta of 0.88. Canadian National Railway has a one year low of $105.17 and a one year high of $134.02. The business’s 50 day moving average is $115.81 and its two-hundred day moving average is $119.11.

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 for the quarter, topping 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 business had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter last year, the business posted $1.26 EPS. The business’s revenue was up 3.1% on a year-over-year basis. As a group, research analysts forecast that Canadian National Railway will post 5.54 earnings per share 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. This represents a $2.44 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Monday, December 9th. Canadian National Railway’s payout ratio is currently 39.90%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CNI shares. Veritas raised Canadian National Railway from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 23rd. Benchmark reissued a “hold” rating on shares of Canadian National Railway in a report on Thursday, October 24th. Barclays lifted their price objective on shares of Canadian National Railway from $120.00 to $121.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Wells Fargo & Company raised Canadian National Railway from an “equal weight” rating to an “overweight” rating and set a $125.00 target price on the stock in a research note on Monday, October 7th. Finally, Susquehanna cut their price objective on Canadian National Railway from $130.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $125.18.

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.