Burgundy Asset Management Ltd. Sells 7,345 Shares of Canadian National Railway (NYSE:CNI)

Burgundy Asset Management Ltd. reduced its holdings in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) by 1.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 470,003 shares of the transportation company’s stock after selling 7,345 shares during the quarter. Burgundy Asset Management Ltd. owned approximately 0.07% of Canadian National Railway worth $55,513,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. bought a new position in Canadian National Railway in the second quarter valued at $26,000. Addison Advisors LLC boosted its stake in shares of Canadian National Railway by 159.1% during the 2nd quarter. Addison Advisors LLC now owns 241 shares of the transportation company’s stock worth $28,000 after buying an additional 148 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Canadian National Railway by 766.7% in the 1st quarter. GAMMA Investing LLC now owns 234 shares of the transportation company’s stock valued at $31,000 after acquiring an additional 207 shares in the last quarter. ORG Partners LLC acquired a new stake in shares of Canadian National Railway in the second quarter valued at about $34,000. Finally, Daiwa Securities Group Inc. bought a new stake in Canadian National Railway during the first quarter worth about $64,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Canadian National Railway Stock Performance

Shares of NYSE:CNI opened at $117.00 on Thursday. Canadian National Railway has a 12-month low of $103.96 and a 12-month high of $134.02. The company’s 50 day moving average price is $116.30 and its two-hundred day moving average price is $122.31. The firm has a market cap of $73.68 billion, a PE ratio of 18.66, a PEG ratio of 2.56 and a beta of 0.88. The company has a quick ratio of 0.48, a current ratio of 0.63 and a debt-to-equity ratio of 0.93.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last issued its quarterly earnings results on Tuesday, July 23rd. The transportation company reported $1.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.93 by ($0.09). Canadian National Railway had a net margin of 32.00% and a return on equity of 23.58%. The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter last year, the firm posted $1.31 earnings per share. The company’s quarterly revenue was up 6.7% on a year-over-year basis. Equities research analysts predict that Canadian National Railway will post 5.58 earnings per share for the current year.

Canadian National Railway Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.614 per share. This represents a $2.46 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, September 6th. Canadian National Railway’s dividend payout ratio (DPR) is currently 39.08%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CNI shares. StockNews.com downgraded shares of Canadian National Railway from a “buy” rating to a “hold” rating in a research note on Wednesday, May 22nd. Scotiabank raised Canadian National Railway from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Benchmark reaffirmed a “hold” rating on shares of Canadian National Railway in a report on Wednesday, July 24th. Bank of America reduced their price objective on shares of Canadian National Railway from $132.00 to $129.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Finally, Barclays dropped their price objective on shares of Canadian National Railway from $128.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 24th. Sixteen investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $137.35.

Canadian National Railway Company Profile

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.