Point72 Asset Management L.P. Takes $159.91 Million Position in Canadian National Railway (NYSE:CNI)

Point72 Asset Management L.P. purchased a new position in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,364,960 shares of the transportation company’s stock, valued at approximately $159,907,000. Canadian National Railway comprises approximately 0.4% of Point72 Asset Management L.P.’s portfolio, making the stock its 23rd largest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in Canadian National Railway by 29.6% in the 3rd quarter. Principal Financial Group Inc. now owns 92,300 shares of the transportation company’s stock worth $10,820,000 after purchasing an additional 21,100 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Canadian National Railway by 5.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,962,972 shares of the transportation company’s stock worth $464,002,000 after buying an additional 202,303 shares during the period. Partners Group Holding AG raised its stake in shares of Canadian National Railway by 16.3% during the third quarter. Partners Group Holding AG now owns 406,066 shares of the transportation company’s stock worth $47,571,000 after buying an additional 56,849 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Canadian National Railway in the second quarter valued at approximately $134,096,000. Finally, Sterling Investment Management LLC boosted its stake in Canadian National Railway by 17.2% in the third quarter. Sterling Investment Management LLC now owns 36,279 shares of the transportation company’s stock valued at $4,250,000 after acquiring an additional 5,329 shares during the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on CNI shares. The Goldman Sachs Group dropped their target price on shares of Canadian National Railway from $131.00 to $124.00 and set a “sell” rating for the company in a research report on Wednesday, October 9th. Bank of America lowered Canadian National Railway from a “buy” rating to a “neutral” rating and cut their target price for the company from $129.00 to $122.00 in a research note on Friday, October 4th. Evercore ISI decreased their target price on Canadian National Railway from $119.00 to $116.00 and set an “in-line” rating for the company in a research report on Wednesday, October 23rd. Susquehanna cut their price target on shares of Canadian National Railway from $130.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 23rd. Finally, Veritas raised shares of Canadian National Railway from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Canadian National Railway has a consensus rating of “Hold” and an average target price of $125.86.

Canadian National Railway Trading Down 1.7 %

Shares of NYSE:CNI opened at $109.19 on Wednesday. Canadian National Railway has a one year low of $105.28 and a one year high of $134.02. The stock has a market capitalization of $68.77 billion, a PE ratio of 17.50, a price-to-earnings-growth ratio of 2.59 and a beta of 0.89. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.64 and a quick ratio of 0.49. The company’s 50-day moving average price is $112.10 and its two-hundred day moving average price is $116.33.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last posted its quarterly earnings results on Tuesday, October 22nd. The transportation company reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.02. Canadian National Railway had a net margin of 31.65% and a return on equity of 23.62%. The firm had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the firm posted $1.26 earnings per share. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. On average, equities analysts forecast that Canadian National Railway will post 5.33 EPS for the current fiscal year.

Canadian National Railway Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a dividend of $0.6108 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend is Monday, December 9th. Canadian National Railway’s payout ratio is presently 39.26%.

About Canadian National Railway

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.