Pinnacle Associates Ltd. Lowers Stake in Canadian Pacific Railway Limited (CP)

Pinnacle Associates Ltd. cut its stake in shares of Canadian Pacific Railway Limited (NYSE:CP) (TSE:CP) by 12.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,987 shares of the transportation company’s stock after selling 732 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Canadian Pacific Railway Limited were worth $802,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CP. Parallel Advisors LLC boosted its stake in Canadian Pacific Railway Limited by 37.0% in the first quarter. Parallel Advisors LLC now owns 870 shares of the transportation company’s stock valued at $134,000 after acquiring an additional 235 shares in the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in Canadian Pacific Railway Limited in the second quarter valued at approximately $163,000. Edmond DE Rothschild Holding S.A. boosted its stake in Canadian Pacific Railway Limited by 3.2% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,135 shares of the transportation company’s stock valued at $166,000 after acquiring an additional 35 shares in the last quarter. Schafer Cullen Capital Management Inc. acquired a new stake in Canadian Pacific Railway Limited in the first quarter valued at approximately $201,000. Finally, BTC Capital Management Inc. acquired a new stake in Canadian Pacific Railway Limited in the second quarter valued at approximately $209,000. 65.89% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have weighed in on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $184.00 price objective on shares of Canadian Pacific Railway Limited in a report on Wednesday, August 16th. Argus reaffirmed a “buy” rating and issued a $180.00 price objective (up previously from $165.00) on shares of Canadian Pacific Railway Limited in a report on Tuesday, July 25th. Zacks Investment Research cut shares of Canadian Pacific Railway Limited from a “buy” rating to a “hold” rating in a research note on Monday. BidaskClub raised shares of Canadian Pacific Railway Limited from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $183.00 price objective (up previously from $178.00) on shares of Canadian Pacific Railway Limited in a research note on Thursday, July 13th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $188.35.

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Canadian Pacific Railway Limited (NYSE:CP) traded down 0.40% during trading on Friday, reaching $158.59. 158,617 shares of the company’s stock traded hands. Canadian Pacific Railway Limited has a 12 month low of $139.29 and a 12 month high of $167.52. The stock has a market capitalization of $23.17 billion, a P/E ratio of 18.05 and a beta of 1.09. The company has a 50-day moving average of $155.43 and a 200 day moving average of $154.64.

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 30th. Shareholders of record on Friday, September 29th will be issued a $0.4411 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 1.11%. This is an increase from Canadian Pacific Railway Limited’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Thursday, September 28th. Canadian Pacific Railway Limited’s dividend payout ratio is presently 19.88%.

About Canadian Pacific Railway Limited

Canadian Pacific Railway Limited, together with its subsidiaries, owns and operates a transcontinental freight railway in Canada and the United States. The Company operates through rail transportation segment. The Company’s transports bulk commodities, merchandise freight, and intermodal traffic over a network of approximately 12,400 miles.

Institutional Ownership by Quarter for Canadian Pacific Railway Limited (NYSE:CP)

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