Laurel Grove Capital LLC Reduces Position in Canadian National Railway (CNI)
Laurel Grove Capital LLC lessened its stake in Canadian National Railway (NYSE:CNI) (TSE:CNR) by 30.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 3,700 shares of the transportation company’s stock after selling 1,650 shares during the period. Laurel Grove Capital LLC’s holdings in Canadian National Railway were worth $305,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Hall Laurie J Trustee increased its holdings in Canadian National Railway by 4.1% in the 2nd quarter. Hall Laurie J Trustee now owns 1,275 shares of the transportation company’s stock valued at $103,000 after purchasing an additional 50 shares during the last quarter. Sowell Financial Services LLC acquired a new stake in Canadian National Railway in the 3rd quarter valued at approximately $200,000. Security National Bank of SO Dak acquired a new stake in Canadian National Railway in the 3rd quarter valued at approximately $203,000. CAPROCK Group Inc. acquired a new stake in Canadian National Railway in the 3rd quarter valued at approximately $216,000. Finally, Perigon Wealth Management LLC increased its holdings in Canadian National Railway by 182.7% in the 2nd quarter. Perigon Wealth Management LLC now owns 2,725 shares of the transportation company’s stock valued at $221,000 after purchasing an additional 1,761 shares during the last quarter. Hedge funds and other institutional investors own 53.42% of the company’s stock.
Several analysts recently weighed in on CNI shares. Desjardins upgraded shares of Canadian National Railway from a “hold” rating to a “buy” rating in a report on Wednesday, October 25th. TD Securities upgraded shares of Canadian National Railway from a “hold” rating to a “buy” rating in a research note on Thursday, November 30th. They noted that the move was a valuation call. Goldman Sachs Group assumed coverage on shares of Canadian National Railway in a research note on Monday, November 13th. They issued a “buy” rating and a $85.00 price target for the company. Zacks Investment Research upgraded shares of Canadian National Railway from a “sell” rating to a “hold” rating in a research note on Monday, November 6th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $89.00 price target on shares of Canadian National Railway in a research note on Friday, October 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $79.67.
Canadian National Railway (NYSE:CNI) (TSE:CNR) last posted its quarterly earnings results on Tuesday, October 24th. The transportation company reported $1.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by ($0.01). The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.62 billion. Canadian National Railway had a return on equity of 25.57% and a net margin of 29.98%. sell-side analysts forecast that Canadian National Railway will post 3.96 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 8th were given a dividend of $0.3304 per share. This is a boost from Canadian National Railway’s previous quarterly dividend of $0.33. This represents a $1.32 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Thursday, December 7th. Canadian National Railway’s payout ratio is 33.59%.
Canadian National Railway announced that its board has initiated a stock buyback program on Tuesday, October 24th that permits the company to buyback 31,000,000 shares. This buyback authorization permits the transportation company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
About Canadian National Railway
Canadian National Railway Company is engaged in the rail and related transportation business. The Company’s network of approximately 20,000 route miles of track spans Canada and mid-America, connecting approximately three coasts, including the Atlantic, the Pacific and the Gulf of Mexico and serving the cities and ports of Vancouver, Prince Rupert (British Columbia), Montreal, Halifax, New Orleans, and Mobile (Alabama), and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth (Minnesota)/Superior (Wisconsin), and Jackson (Mississippi), with connections to all points in North America.
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