Norges Bank Invests $563.05 Million in Canadian National Railway (NYSE:CNI)

Norges Bank purchased a new stake in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 5,551,563 shares of the transportation company’s stock, valued at approximately $563,048,000. Norges Bank owned 0.88% of Canadian National Railway as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. National Bank of Canada FI lifted its stake in shares of Canadian National Railway by 46.5% in the 3rd quarter. National Bank of Canada FI now owns 6,737,322 shares of the transportation company’s stock valued at $789,030,000 after purchasing an additional 2,137,948 shares during the last quarter. Canoe Financial LP acquired a new stake in shares of Canadian National Railway during the fourth quarter valued at about $216,943,000. Point72 Asset Management L.P. purchased a new stake in shares of Canadian National Railway in the 3rd quarter valued at approximately $159,907,000. Wellington Management Group LLP lifted its holdings in shares of Canadian National Railway by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 18,562,189 shares of the transportation company’s stock worth $2,175,935,000 after acquiring an additional 790,420 shares during the last quarter. Finally, Toronto Dominion Bank boosted its position in shares of Canadian National Railway by 64.5% during the 3rd quarter. Toronto Dominion Bank now owns 1,492,218 shares of the transportation company’s stock worth $174,813,000 after purchasing an additional 584,832 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. JPMorgan Chase & Co. upgraded Canadian National Railway from a “neutral” rating to an “overweight” rating in a research note on Tuesday, January 7th. Barclays lowered their target price on Canadian National Railway from $121.00 to $112.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Stifel Nicolaus boosted their price target on shares of Canadian National Railway from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, January 31st. Evercore ISI raised shares of Canadian National Railway from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 19th. Finally, Susquehanna dropped their price objective on shares of Canadian National Railway from $115.00 to $113.00 and set a “neutral” rating for the company in a report on Thursday. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Canadian National Railway has a consensus rating of “Moderate Buy” and an average price target of $124.02.

Canadian National Railway Stock Performance

Shares of CNI opened at $97.39 on Friday. The company has a market capitalization of $61.20 billion, a price-to-earnings ratio of 19.02, a price-to-earnings-growth ratio of 1.95 and a beta of 0.91. Canadian National Railway has a 52-week low of $93.64 and a 52-week high of $132.27. The company has a quick ratio of 0.48, a current ratio of 0.66 and a debt-to-equity ratio of 0.94. The stock has a 50 day moving average price of $101.07 and a 200 day moving average price of $106.64.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last posted its earnings results on Thursday, January 30th. The transportation company reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.09). Canadian National Railway had a net margin of 26.09% and a return on equity of 22.48%. Research analysts predict that Canadian National Railway will post 5.52 EPS for the current fiscal year.

Canadian National Railway Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be given a dividend of $0.6159 per share. The ex-dividend date is Monday, March 10th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 2.53%. This is a boost from Canadian National Railway’s previous quarterly dividend of $0.61. Canadian National Railway’s payout ratio is 47.66%.

Canadian National Railway Company 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.