Wright Investors Service Inc. Trims Holdings in Canadian National Railway Company (CNI)

Wright Investors Service Inc. lowered its position in Canadian National Railway Company (NYSE:CNI) (TSE:CNR) by 34.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,314 shares of the transportation company’s stock after selling 2,781 shares during the quarter. Wright Investors Service Inc.’s holdings in Canadian National Railway were worth $440,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hall Laurie J Trustee lifted its stake in Canadian National Railway by 4.1% in the second quarter. Hall Laurie J Trustee now owns 1,275 shares of the transportation company’s stock valued at $103,000 after buying an additional 50 shares during the last quarter. City Holding Co. lifted its stake in Canadian National Railway by 15.4% in the second quarter. City Holding Co. now owns 1,313 shares of the transportation company’s stock valued at $106,000 after buying an additional 175 shares during the last quarter. Bronfman E.L. Rothschild L.P. lifted its stake in Canadian National Railway by 0.9% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,416 shares of the transportation company’s stock valued at $115,000 after buying an additional 12 shares during the last quarter. UBS Asset Management Americas Inc. purchased a new stake in Canadian National Railway in the first quarter valued at approximately $123,000. Finally, Proficio Capital Partners LLC lifted its stake in Canadian National Railway by 0.8% in the second quarter. Proficio Capital Partners LLC now owns 1,783 shares of the transportation company’s stock valued at $143,000 after buying an additional 15 shares during the last quarter. Institutional investors own 54.32% of the company’s stock.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 8th will be issued a $0.3304 dividend. This is an increase from Canadian National Railway’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, December 7th. This represents a $1.32 annualized dividend and a dividend yield of 1.64%. Canadian National Railway’s dividend payout ratio (DPR) is 33.85%.

Canadian National Railway announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, October 24th that allows the company to buyback 31,000,000 outstanding shares. This buyback authorization allows the transportation company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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A number of equities research analysts have weighed in on the company. Deutsche Bank AG assumed coverage on Canadian National Railway in a research note on Wednesday. They issued a “sell” rating and a $73.00 price objective for the company. Zacks Investment Research cut Canadian National Railway from a “hold” rating to a “sell” rating in a research note on Friday, October 27th. Raymond James Financial, Inc. cut Canadian National Railway from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 25th. Desjardins upgraded Canadian National Railway from a “hold” rating to a “buy” rating in a research note on Wednesday, October 25th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Canadian National Railway in a research note on Wednesday, October 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $79.00.

Canadian National Railway Company Profile

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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Institutional Ownership by Quarter for Canadian National Railway (NYSE:CNI)

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