Raymond James & Associates Reduces Position in Canadian National Railway (NYSE:CNI)

Raymond James & Associates reduced its position in Canadian National Railway (NYSE:CNI) (TSE:CNR) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 239,310 shares of the transportation company’s stock after selling 5,180 shares during the quarter. Raymond James & Associates’ holdings in Canadian National Railway were worth $21,175,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. WASHINGTON TRUST Co purchased a new stake in shares of Canadian National Railway during the first quarter valued at $25,000. MBE Wealth Management LLC bought a new stake in Canadian National Railway during the 1st quarter valued at about $29,000. Eudaimonia Partners LLC purchased a new stake in Canadian National Railway in the 1st quarter valued at about $41,000. Larson Financial Group LLC bought a new position in Canadian National Railway in the 2nd quarter worth about $42,000. Finally, Ameritas Investment Company LLC purchased a new position in shares of Canadian National Railway during the first quarter worth approximately $45,000. 54.97% of the stock is owned by institutional investors and hedge funds.

Shares of CNI opened at $97.79 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.77 and a debt-to-equity ratio of 0.70. The firm has a market cap of $69.55 billion, a PE ratio of 25.73, a P/E/G ratio of 3.54 and a beta of 0.88. Canadian National Railway has a 12 month low of $65.13 and a 12 month high of $99.06. The stock has a fifty day moving average price of $90.65 and a 200-day moving average price of $86.16.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last released its quarterly earnings results on Tuesday, July 21st. The transportation company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.36. Canadian National Railway had a return on equity of 20.92% and a net margin of 25.66%. The company had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.41 billion. As a group, research analysts forecast that Canadian National Railway will post 3.96 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be paid a $0.425 dividend. The ex-dividend date is Tuesday, September 8th. This is a boost from Canadian National Railway’s previous quarterly dividend of $0.41. This represents a $1.70 dividend on an annualized basis and a yield of 1.74%. Canadian National Railway’s dividend payout ratio (DPR) is 37.36%.

Several brokerages recently issued reports on CNI. Cfra dropped their price objective on Canadian National Railway from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, April 28th. Susquehanna Bancshares dropped their price target on Canadian National Railway from $93.00 to $79.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 8th. Barclays lifted their price objective on Canadian National Railway from $75.00 to $81.00 and gave the company an “underweight” rating in a report on Wednesday, July 15th. They noted that the move was a valuation call. Royal Bank of Canada dropped their target price on shares of Canadian National Railway from $128.00 to $125.00 and set a “sector perform” rating on the stock in a report on Friday, June 19th. Finally, Cowen raised their target price on shares of Canadian National Railway from $92.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $105.33.

Canadian National Railway Company Profile

Canadian National Railway Company engages in rail and related transportation business. The company transports cargo serving exporters, importers, retailers, farmers, and manufacturers. It operates a network of approximately 20,000 route miles of track spans Canada and mid-America connecting the Atlantic, the Pacific, and the Gulf of Mexico.

Read More: Why is the ex-dividend date different from the record date?

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

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