Macquarie Group Ltd. Sells 31,380 Shares of Canadian Pacific Railway Ltd. (CP)
Macquarie Group Ltd. cut its position in Canadian Pacific Railway Ltd. (NYSE:CP) by 97.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 820 shares of the company’s stock after selling 31,380 shares during the period. Macquarie Group Ltd.’s holdings in Canadian Pacific Railway were worth $106,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of CP. Cohen & Steers Inc. boosted its stake in Canadian Pacific Railway by 31.6% in the second quarter. Cohen & Steers Inc. now owns 182,293 shares of the company’s stock worth $23,347,000 after buying an additional 43,731 shares during the period. Hillsdale Investment Management Inc. boosted its stake in Canadian Pacific Railway by 4.5% in the second quarter. Hillsdale Investment Management Inc. now owns 2,300 shares of the company’s stock worth $296,000 after buying an additional 100 shares during the period. Mawer Investment Management Ltd. boosted its stake in Canadian Pacific Railway by 9.0% in the second quarter. Mawer Investment Management Ltd. now owns 912,734 shares of the company’s stock worth $151,815,000 after buying an additional 75,506 shares during the period. Legal & General Group Plc boosted its stake in Canadian Pacific Railway by 2.1% in the second quarter. Legal & General Group Plc now owns 578,173 shares of the company’s stock worth $74,050,000 after buying an additional 11,691 shares during the period. Finally, FDx Advisors Inc. boosted its stake in Canadian Pacific Railway by 27.1% in the second quarter. FDx Advisors Inc. now owns 2,787 shares of the company’s stock worth $359,000 after buying an additional 595 shares during the period. 68.21% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Canadian Pacific Railway Ltd. (NYSE:CP) opened at 154.74 on Thursday. Canadian Pacific Railway Ltd. has a 1-year low of $97.09 and a 1-year high of $157.82. The firm has a market cap of $22.87 billion, a price-to-earnings ratio of 20.91 and a beta of 1.32. The company has a 50 day moving average of $150.90 and a 200 day moving average of $140.60.
Canadian Pacific Railway (NYSE:CP) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $2.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.50 by $0.45. Canadian Pacific Railway had a net margin of 23.36% and a return on equity of 32.47%. The business earned $1.45 billion during the quarter, compared to analyst estimates of $1.57 billion. During the same quarter in the prior year, the company earned $2.45 earnings per share. The company’s quarterly revenue was down 12.2% on a year-over-year basis. On average, equities analysts forecast that Canadian Pacific Railway Ltd. will post $8.03 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 24th. Investors of record on Friday, September 30th will be issued a $0.3858 dividend. This is a positive change from Canadian Pacific Railway’s previous quarterly dividend of $0.27. This represents a $1.54 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend is Wednesday, September 28th. Canadian Pacific Railway’s dividend payout ratio is currently 20.82%.
A number of research firms have recently weighed in on CP. RBC Capital Markets reaffirmed an “outperform” rating and set a $216.00 price target (up previously from $203.00) on shares of Canadian Pacific Railway in a report on Friday, July 22nd. Argus lifted their price target on Canadian Pacific Railway from $155.00 to $165.00 and gave the company a “buy” rating in a report on Monday, July 25th. Atlantic Securities initiated coverage on Canadian Pacific Railway in a report on Thursday, August 11th. They set an “overweight” rating on the stock. Cowen and Company lowered their price objective on shares of Canadian Pacific Railway from $168.00 to $166.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 22nd. Finally, Royal Bank Of Canada lowered their price objective on shares of Canadian Pacific Railway from $209.00 to $203.00 and set an “outperform” rating on the stock in a research note on Thursday, June 23rd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Canadian Pacific Railway currently has an average rating of “Buy” and a consensus target price of $177.89.
In related news, Director Pershing Square Capital Manage sold 9,840,890 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $141.68, for a total value of $1,394,257,295.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.13% of the stock is currently owned by corporate insiders.
Canadian Pacific Railway Company Profile
Canadian Pacific Railway Limited (CP), together with its subsidiaries, operates a transcontinental railway in Canada and the United States. The Company operates in rail transportation segment. The Company’s business mix includes bulk commodities, merchandise freight and intermodal traffic over a network of approximately 12,500 miles, serving the principal business centers of Canada from Montreal, Quebec, to Vancouver, British Columbia, and the United States Northeast and Midwest regions.
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