NewEdge Wealth LLC Decreases Stock Position in Canadian National Railway Company $CNI

NewEdge Wealth LLC trimmed its holdings in Canadian National Railway Company (NYSE:CNI) (TSE:CNR) by 58.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,668 shares of the transportation company’s stock after selling 5,201 shares during the period. NewEdge Wealth LLC’s holdings in Canadian National Railway were worth $377,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Scharf Investments LLC acquired a new position in shares of Canadian National Railway during the 4th quarter worth approximately $8,283,000. Fisher Asset Management LLC grew its holdings in Canadian National Railway by 10.5% during the 4th quarter. Fisher Asset Management LLC now owns 2,279,778 shares of the transportation company’s stock valued at $225,356,000 after buying an additional 216,963 shares during the last quarter. Norges Bank acquired a new stake in Canadian National Railway during the 4th quarter valued at $570,161,000. Clean Energy Transition LLP purchased a new position in Canadian National Railway during the fourth quarter worth $47,268,000. Finally, QV Investors Inc. increased its position in Canadian National Railway by 7.4% during the fourth quarter. QV Investors Inc. now owns 629,069 shares of the transportation company’s stock worth $62,299,000 after buying an additional 43,523 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Canadian National Railway Price Performance

CNI stock opened at $129.77 on Thursday. Canadian National Railway Company has a 52-week low of $90.74 and a 52-week high of $131.55. The stock’s fifty day simple moving average is $121.11 and its 200-day simple moving average is $111.36. The company has a quick ratio of 0.49, a current ratio of 0.87 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $78.64 billion, a price-to-earnings ratio of 23.01, a price-to-earnings-growth ratio of 2.44 and a beta of 0.96.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last released its earnings results on Friday, July 24th. The transportation company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.39 by $0.11. Canadian National Railway had a return on equity of 22.22% and a net margin of 26.92%.The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same period in the prior year, the firm posted $1.87 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. Equities research analysts expect that Canadian National Railway Company will post 5.75 EPS for the current year.

Canadian National Railway Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 8th will be issued a dividend of $0.915 per share. This represents a $3.66 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 8th. Canadian National Railway’s dividend payout ratio is presently 47.34%.

Analysts Set New Price Targets

CNI has been the topic of several recent research reports. Stephens upgraded Canadian National Railway to a “hold” rating in a research report on Wednesday, July 8th. National Bank Financial set a $124.00 target price on shares of Canadian National Railway in a research note on Thursday, June 25th. Bank of America upped their target price on shares of Canadian National Railway from $132.00 to $134.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Evercore raised shares of Canadian National Railway from an “in-line” rating to an “outperform” rating and set a $124.00 price target on the stock in a research note on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of Canadian National Railway from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $137.40.

About Canadian National Railway

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.