Essex Financial Services Inc. Purchases New Stake in Canadian National Railway (CNI)

Essex Financial Services Inc. purchased a new position in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,855 shares of the transportation company’s stock, valued at approximately $236,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Harding Loevner LP grew its position in Canadian National Railway by 2,838.1% during the 3rd quarter. Harding Loevner LP now owns 180,965,047 shares of the transportation company’s stock worth $366,305,000 after acquiring an additional 174,805,844 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in Canadian National Railway by 0.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 15,870,472 shares of the transportation company’s stock worth $1,317,389,000 after acquiring an additional 46,700 shares during the last quarter. Jarislowsky Fraser Ltd grew its position in Canadian National Railway by 0.3% during the 3rd quarter. Jarislowsky Fraser Ltd now owns 10,255,502 shares of the transportation company’s stock worth $847,732,000 after acquiring an additional 25,974 shares during the last quarter. CIBC Asset Management Inc grew its position in Canadian National Railway by 4.1% during the 4th quarter. CIBC Asset Management Inc now owns 6,343,427 shares of the transportation company’s stock worth $525,260,000 after acquiring an additional 251,556 shares during the last quarter. Finally, Great West Life Assurance Co. Can grew its position in Canadian National Railway by 10.6% during the 3rd quarter. Great West Life Assurance Co. Can now owns 5,048,417 shares of the transportation company’s stock worth $417,514,000 after acquiring an additional 482,544 shares during the last quarter. Institutional investors and hedge funds own 53.88% of the company’s stock.

Shares of Canadian National Railway (NYSE CNI) opened at $76.86 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.44 and a current ratio of 0.55. Canadian National Railway has a 1 year low of $69.73 and a 1 year high of $85.73. The firm has a market capitalization of $55,633.98, a P/E ratio of 13.63, a P/E/G ratio of 1.87 and a beta of 1.00.

Canadian National Railway announced that its board has authorized a stock buyback plan on Tuesday, October 24th that permits the company to buyback 31,000,000 outstanding shares. This buyback authorization permits the transportation company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 8th will be given a dividend of $0.3665 per share. The ex-dividend date of this dividend is Wednesday, March 7th. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.33. This represents a $1.47 annualized dividend and a dividend yield of 1.91%. Canadian National Railway’s payout ratio is currently 23.23%.

CNI has been the topic of several recent research reports. Zacks Investment Research upgraded Canadian National Railway from a “sell” rating to a “hold” rating in a research report on Monday, November 6th. Raymond James Financial lowered Canadian National Railway from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 25th. Cowen reiterated an “outperform” rating and issued a $90.00 price objective (up from $88.00) on shares of Canadian National Railway in a research report on Wednesday, January 24th. Desjardins upgraded Canadian National Railway from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. Finally, Deutsche Bank started coverage on Canadian National Railway in a research report on Wednesday, November 1st. They issued a “sell” rating and a $73.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Canadian National Railway presently has a consensus rating of “Hold” and an average target price of $81.38.

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Canadian National Railway Company Profile

Canadian National Railway Company is engaged in the rail and related transportation business. The Company’s network of approximately 20,000 route miles of track spans Canada and mid-America, connecting approximately three coasts, including the Atlantic, the Pacific and the Gulf of Mexico and serving the cities and ports of Vancouver, Prince Rupert (British Columbia), Montreal, Halifax, New Orleans, and Mobile (Alabama), and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth (Minnesota)/Superior (Wisconsin), and Jackson (Mississippi), with connections to all points in North America.

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Institutional Ownership by Quarter for Canadian National Railway (NYSE:CNI)

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