Lorne Steinberg Wealth Management Inc. Raises Stake in Canadian National Railway Company $CNI

Lorne Steinberg Wealth Management Inc. lifted its stake in shares of Canadian National Railway Company (NYSE:CNI) (TSE:CNR) by 23.3% during the third quarter, HoldingsChannel.com reports. The firm owned 83,095 shares of the transportation company’s stock after purchasing an additional 15,715 shares during the period. Canadian National Railway accounts for about 1.9% of Lorne Steinberg Wealth Management Inc.’s portfolio, making the stock its 24th largest position. Lorne Steinberg Wealth Management Inc.’s holdings in Canadian National Railway were worth $7,834,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Canadian National Railway during the second quarter worth about $591,904,000. Fisher Asset Management LLC purchased a new position in Canadian National Railway in the second quarter valued at about $189,748,000. The Manufacturers Life Insurance Company lifted its position in shares of Canadian National Railway by 26.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,705,679 shares of the transportation company’s stock valued at $695,048,000 after acquiring an additional 1,408,978 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Canadian National Railway by 20.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 6,296,828 shares of the transportation company’s stock valued at $655,768,000 after acquiring an additional 1,051,977 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Canadian National Railway by 31.9% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,220,150 shares of the transportation company’s stock worth $440,008,000 after acquiring an additional 1,019,914 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Citigroup dropped their price objective on Canadian National Railway from $120.00 to $119.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Evercore ISI upped their target price on Canadian National Railway from $98.00 to $103.00 and gave the company an “in-line” rating in a report on Monday, November 3rd. Zacks Research upgraded Canadian National Railway from a “strong sell” rating to a “hold” rating in a research report on Friday, November 28th. Vertical Research raised Canadian National Railway from a “hold” rating to a “buy” rating in a research note on Monday, January 5th. Finally, Wall Street Zen raised shares of Canadian National Railway from a “sell” rating to a “hold” rating in a research note on Saturday, October 18th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $117.64.

Canadian National Railway Price Performance

Canadian National Railway stock opened at $99.81 on Monday. Canadian National Railway Company has a 1 year low of $90.74 and a 1 year high of $108.75. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.42 and a current ratio of 0.60. The firm has a 50 day moving average price of $97.54 and a 200 day moving average price of $96.28. The company has a market cap of $61.32 billion, a price-to-earnings ratio of 18.94, a PEG ratio of 2.08 and a beta of 0.96.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last announced its quarterly earnings results on Friday, October 31st. The transportation company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. Canadian National Railway had a net margin of 26.86% and a return on equity of 21.50%. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $4.15 billion. During the same quarter last year, the business earned $1.72 EPS. Canadian National Railway’s revenue for the quarter was up 1.3% on a year-over-year basis. Sell-side analysts predict that Canadian National Railway Company will post 5.52 earnings per share for the current year.

Canadian National Railway Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Tuesday, December 9th were issued a $0.8875 dividend. The ex-dividend date was Tuesday, December 9th. This is an increase from Canadian National Railway’s previous quarterly dividend of $0.65. This represents a $3.55 dividend on an annualized basis and a yield of 3.6%. Canadian National Railway’s payout ratio is 48.01%.

Canadian National Railway Company Profile

Canadian National Railway Company (NYSE: CNI) is a Class I freight railway that operates an integrated rail network across Canada and the United States. Headquartered in Montreal, Quebec, CN provides long-haul freight transportation and related logistics services that connect major ports, industrial centers and inland markets throughout North America. Its transcontinental system enables cross-border movement of goods and supports supply chains that span coast-to-coast in Canada and into the central and eastern United States.

CN’s core business is the railborne transportation of a broad mix of commodities, including intermodal container traffic, forest and paper products, grain and other agricultural products, metallurgical and industrial products, petroleum and chemical products, coal and automotive shipments.