Addenda Capital Inc. increased its position in Canadian National Railway Company (NYSE:CNI) (TSE:CNR) by 49.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 418,173 shares of the transportation company’s stock after buying an additional 138,017 shares during the period. Canadian National Railway comprises 2.5% of Addenda Capital Inc.’s portfolio, making the stock its 10th largest position. Addenda Capital Inc. owned about 0.06% of Canadian National Railway worth $33,870,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in CNI. Wellington Management Group LLP raised its position in shares of Canadian National Railway by 7.9% in the first quarter. Wellington Management Group LLP now owns 30,335,430 shares of the transportation company’s stock worth $2,236,347,000 after buying an additional 2,227,390 shares during the period. TD Asset Management Inc. raised its position in shares of Canadian National Railway by 4.1% in the second quarter. TD Asset Management Inc. now owns 18,836,822 shares of the transportation company’s stock worth $1,526,012,000 after buying an additional 740,664 shares during the period. FMR LLC raised its position in shares of Canadian National Railway by 0.8% in the first quarter. FMR LLC now owns 15,656,372 shares of the transportation company’s stock worth $1,155,641,000 after buying an additional 121,762 shares during the period. Vanguard Group Inc. raised its position in shares of Canadian National Railway by 3.5% in the first quarter. Vanguard Group Inc. now owns 14,542,225 shares of the transportation company’s stock worth $1,075,107,000 after buying an additional 493,026 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Canadian National Railway by 12.2% in the second quarter. Legal & General Group Plc now owns 3,552,995 shares of the transportation company’s stock worth $276,851,000 after buying an additional 386,552 shares during the period. 55.56% of the stock is currently owned by institutional investors and hedge funds.
Shares of Canadian National Railway Company (NYSE:CNI) opened at 79.83 on Friday. Canadian National Railway Company has a 52 week low of $61.11 and a 52 week high of $84.48. The stock has a 50 day moving average of $81.04 and a 200 day moving average of $75.87. The firm has a market cap of $59.95 billion, a P/E ratio of 19.70 and a beta of 1.11.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be given a dividend of $0.3276 per share. This represents a $1.31 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Thursday, September 7th. This is a positive change from Canadian National Railway’s previous quarterly dividend of $0.31. Canadian National Railway’s dividend payout ratio (DPR) is 31.77%.
A number of equities analysts recently issued reports on CNI shares. BidaskClub raised shares of Canadian National Railway from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 13th. Zacks Investment Research raised shares of Canadian National Railway from a “hold” rating to a “buy” rating and set a $93.00 target price on the stock in a research report on Tuesday, July 11th. Stifel Nicolaus boosted their target price on shares of Canadian National Railway from $74.00 to $79.00 and gave the stock a “hold” rating in a research report on Thursday, June 15th. Credit Suisse Group reaffirmed a “neutral” rating on shares of Canadian National Railway in a research report on Friday, July 28th. Finally, Cowen and Company boosted their target price on shares of Canadian National Railway from $77.00 to $81.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 25th. Fourteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Canadian National Railway presently has a consensus rating of “Hold” and a consensus price target of $80.56.
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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