Bank of Nova Scotia grew its stake in Canadian National Railway (NYSE:CNI) (TSE:CNR) by 4.5% during the second quarter, HoldingsChannel reports. The firm owned 2,741,220 shares of the transportation company’s stock after buying an additional 117,340 shares during the quarter. Canadian National Railway accounts for about 1.2% of Bank of Nova Scotia’s investment portfolio, making the stock its 21st largest holding. Bank of Nova Scotia’s holdings in Canadian National Railway were worth $223,356,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently bought and sold shares of CNI. Cubist Systematic Strategies LLC acquired a new stake in shares of Canadian National Railway in the 1st quarter valued at approximately $117,000. Private Capital Group LLC boosted its position in Canadian National Railway by 913.9% during the 1st quarter. Private Capital Group LLC now owns 1,673 shares of the transportation company’s stock worth $122,000 after buying an additional 1,508 shares during the period. Avestar Capital LLC acquired a new stake in Canadian National Railway during the 1st quarter worth approximately $123,000. Assetmark Inc. boosted its position in Canadian National Railway by 73.7% during the 1st quarter. Assetmark Inc. now owns 1,947 shares of the transportation company’s stock worth $142,000 after buying an additional 826 shares during the period. Finally, Quad Cities Investment Group LLC acquired a new stake in Canadian National Railway during the 2nd quarter worth approximately $165,000. Institutional investors own 54.17% of the company’s stock.
Canadian National Railway stock opened at $87.17 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.64 and a quick ratio of 0.52. Canadian National Railway has a 52-week low of $70.59 and a 52-week high of $90.57. The company has a market cap of $63.33 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 2.23 and a beta of 1.05.
Canadian National Railway (NYSE:CNI) (TSE:CNR) last released its quarterly earnings results on Tuesday, July 24th. The transportation company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.46. Canadian National Railway had a net margin of 42.08% and a return on equity of 22.90%. The firm had revenue of $3.63 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the business earned $1.34 EPS. The company’s revenue was up 9.1% compared to the same quarter last year. analysts forecast that Canadian National Railway will post 4.16 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be issued a dividend of $0.3429 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $1.37 annualized dividend and a yield of 1.57%. Canadian National Railway’s payout ratio is 36.46%.
Several equities research analysts recently commented on CNI shares. Deutsche Bank upgraded shares of Canadian National Railway from a “hold” rating to a “buy” rating and lifted their target price for the stock from $81.00 to $95.00 in a research report on Monday, July 9th. Zacks Investment Research upgraded shares of Canadian National Railway from a “hold” rating to a “buy” rating and set a $99.00 target price on the stock in a research report on Tuesday, August 7th. BMO Capital Markets downgraded shares of Canadian National Railway from an “outperform” rating to a “market perform” rating in a research report on Wednesday, September 5th. They noted that the move was a valuation call. Stifel Nicolaus set a $83.00 target price on shares of Canadian National Railway and gave the stock a “hold” rating in a research report on Tuesday, July 24th. Finally, Deutsche Bank upgraded shares of Canadian National Railway from a “sell” rating to a “hold” rating and set a $81.00 target price on the stock in a research report on Thursday, May 24th. Thirteen research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $89.80.
About Canadian National Railway
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.
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