Jennison Associates LLC Lowers Holdings in Canadian National Railway (NYSE:CNI)

Jennison Associates LLC reduced its holdings in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) by 2.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 141,798 shares of the transportation company’s stock after selling 3,295 shares during the period. Jennison Associates LLC’s holdings in Canadian National Railway were worth $16,612,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in CNI. Grove Bank & Trust increased its position in shares of Canadian National Railway by 15.3% during the third quarter. Grove Bank & Trust now owns 730 shares of the transportation company’s stock worth $86,000 after acquiring an additional 97 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in shares of Canadian National Railway by 2.5% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,156 shares of the transportation company’s stock valued at $547,000 after buying an additional 100 shares during the period. Whittier Trust Co. of Nevada Inc. grew its position in shares of Canadian National Railway by 1.1% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 9,350 shares of the transportation company’s stock worth $1,105,000 after buying an additional 102 shares in the last quarter. Blue Trust Inc. lifted its stake in Canadian National Railway by 19.3% in the second quarter. Blue Trust Inc. now owns 648 shares of the transportation company’s stock worth $77,000 after acquiring an additional 105 shares during the last quarter. Finally, Doheny Asset Management CA grew its holdings in Canadian National Railway by 3.8% during the 2nd quarter. Doheny Asset Management CA now owns 3,000 shares of the transportation company’s stock worth $354,000 after acquiring an additional 110 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Canadian National Railway Stock Performance

NYSE CNI opened at $111.24 on Friday. The firm has a market capitalization of $70.06 billion, a P/E ratio of 17.83, a P/E/G ratio of 2.41 and a beta of 0.89. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.64 and a quick ratio of 0.49. Canadian National Railway has a 1-year low of $105.28 and a 1-year high of $134.02. The business’s 50-day simple moving average is $113.14 and its 200-day simple moving average is $117.23.

Canadian National Railway (NYSE:CNI) (TSE:CNR) last posted its earnings results on Tuesday, October 22nd. The transportation company reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.02. The business had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Canadian National Railway had a net margin of 31.65% and a return on equity of 23.62%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.26 earnings per share. Equities analysts predict that Canadian National Railway will post 5.49 EPS for the current year.

Canadian National Railway Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued a $0.6108 dividend. The ex-dividend date is Monday, December 9th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.20%. Canadian National Railway’s dividend payout ratio (DPR) is 39.26%.

Analysts Set New Price Targets

Several equities analysts recently commented on CNI shares. Stifel Nicolaus increased their target price on Canadian National Railway from $130.00 to $132.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. The Goldman Sachs Group lowered their price target on Canadian National Railway from $131.00 to $124.00 and set a “sell” rating for the company in a report on Wednesday, October 9th. Citigroup upgraded Canadian National Railway from a “neutral” rating to a “buy” rating and raised their price target for the stock from $126.00 to $130.00 in a research note on Tuesday, November 12th. Stephens reissued an “equal weight” rating and set a $116.00 price objective on shares of Canadian National Railway in a research report on Wednesday, October 23rd. Finally, Bank of America lowered shares of Canadian National Railway from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $129.00 to $122.00 in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $125.48.

Canadian National Railway 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.