Meridian Wealth Management LLC Invests $856,000 in Canadian National Railway (NYSE:CNI)

Meridian Wealth Management LLC purchased a new stake in Canadian National Railway (NYSE:CNI) (TSE:CNR) during the third quarter, Holdings Channel reports. The institutional investor purchased 7,311 shares of the transportation company’s stock, valued at approximately $856,000.

A number of other hedge funds have also modified their holdings of CNI. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Canadian National Railway in the second quarter worth $26,000. Addison Advisors LLC raised its stake in 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 period. Fortitude Family Office LLC raised its stake in Canadian National Railway by 738.7% during the 3rd quarter. Fortitude Family Office LLC now owns 260 shares of the transportation company’s stock worth $30,000 after buying an additional 229 shares during the period. ORG Partners LLC bought a new position in Canadian National Railway during the second quarter worth about $34,000. Finally, Coastline Trust Co acquired a new position in Canadian National Railway in the third quarter valued at about $34,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Canadian National Railway Stock Up 1.9 %

CNI stock opened at $111.24 on Friday. The company has a current ratio of 0.64, a quick ratio of 0.49 and a debt-to-equity ratio of 0.96. The business’s 50 day simple moving average is $113.14 and its 200 day simple moving average is $117.17. Canadian National Railway has a 1-year low of $105.28 and a 1-year high of $134.02. The firm has a market capitalization of $70.06 billion, a PE ratio of 17.83, a PEG ratio of 2.51 and a beta of 0.89.

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, beating the consensus estimate of $1.70 by $0.02. Canadian National Railway had a return on equity of 23.62% and a net margin of 31.65%. The company had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the prior year, the business earned $1.26 earnings per share. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, research analysts anticipate that Canadian National Railway will post 5.49 EPS for the current year.

Canadian National Railway Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a dividend of $0.6108 per share. The ex-dividend date is Monday, December 9th. This represents a $2.44 annualized dividend and a yield of 2.20%. Canadian National Railway’s dividend payout ratio is currently 39.26%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CNI shares. Citigroup upgraded Canadian National Railway from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $126.00 to $130.00 in a report on Tuesday, November 12th. Benchmark reaffirmed a “hold” rating on shares of Canadian National Railway in a research note on Thursday, October 24th. Susquehanna lowered their price objective on shares of Canadian National Railway from $130.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, October 23rd. Sanford C. Bernstein cut their price objective on shares of Canadian National Railway from $130.67 to $126.29 and set a “market perform” rating on the stock in a research report on Wednesday, October 9th. Finally, Stephens reiterated an “equal weight” rating and set a $116.00 target price on shares of Canadian National Railway in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average 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.