Meridian Wealth Management LLC Makes New Investment in Canadian National Railway (NYSE:CNI)

Meridian Wealth Management LLC bought a new stake in shares of Canadian National Railway (NYSE:CNI - Free Report) TSE: CNR in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 7,311 shares of the transportation company's stock, valued at approximately $856,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Advisors Asset Management Inc. raised its stake in shares of Canadian National Railway by 14.0% during the first quarter. Advisors Asset Management Inc. now owns 8,174 shares of the transportation company's stock worth $1,077,000 after acquiring an additional 1,002 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Canadian National Railway by 3.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,986,555 shares of the transportation company's stock worth $525,070,000 after purchasing an additional 125,949 shares during the last quarter. Ascent Group LLC grew its stake in shares of Canadian National Railway by 5.1% during the first quarter. Ascent Group LLC now owns 2,495 shares of the transportation company's stock valued at $329,000 after buying an additional 122 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Canadian National Railway by 2.0% during the 1st quarter. Janus Henderson Group PLC now owns 82,561 shares of the transportation company's stock valued at $10,874,000 after acquiring an additional 1,606 shares during the period. Finally, Dynasty Wealth Management LLC bought a new position in Canadian National Railway during the 1st quarter worth approximately $375,000. Hedge funds and other institutional investors own 80.74% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on CNI shares. Sanford C. Bernstein dropped their price objective on Canadian National Railway from $130.67 to $126.29 and set a "market perform" rating for the company in a research note on Wednesday, October 9th. Stifel Nicolaus boosted their price objective on shares of Canadian National Railway from $130.00 to $132.00 and gave the company a "hold" rating in a research report on Wednesday, October 23rd. Evercore ISI reduced their price target on Canadian National Railway from $119.00 to $116.00 and set an "in-line" rating on the stock in a report on Wednesday, October 23rd. Citigroup upgraded Canadian National Railway from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $126.00 to $130.00 in a report on Tuesday, November 12th. Finally, Royal Bank of Canada raised Canadian National Railway from a "sector perform" rating to an "outperform" rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Canadian National Railway has an average rating of "Hold" and a consensus target price of $125.48.

Canadian National Railway Stock Performance

NYSE:CNI traded up $2.04 on Friday, hitting $111.24. The stock had a trading volume of 1,419,763 shares, compared to its average volume of 1,178,574. The business's 50-day simple moving average is $113.14 and its two-hundred day simple moving average is $117.17. Canadian National Railway has a 52-week low of $105.28 and a 52-week high of $134.02. The company has a quick ratio of 0.49, a current ratio of 0.64 and a debt-to-equity ratio of 0.96. The stock has a market cap of $70.06 billion, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 2.51 and a beta of 0.89.

Canadian National Railway (NYSE:CNI - Get Free Report) TSE: CNR last released its earnings results on Tuesday, October 22nd. The transportation company reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.02. The company had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.08 billion. Canadian National Railway had a net margin of 31.65% and a return on equity of 23.62%. The firm's quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.26 EPS. As a group, research analysts predict that Canadian National Railway will post 5.49 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 Monday, December 30th. Investors of record on Monday, December 9th will be paid 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 payout ratio is 39.26%.

About Canadian National Railway

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.