Synovus Financial Corp Purchases 6,261 Shares of Canadian National Railway (NYSE:CNI)

Synovus Financial Corp boosted its position in shares of Canadian National Railway (NYSE:CNI) (TSE:CNR) by 82.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,873 shares of the transportation company’s stock after purchasing an additional 6,261 shares during the period. Synovus Financial Corp’s holdings in Canadian National Railway were worth $1,625,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Addison Advisors LLC grew its stake in shares of Canadian National Railway by 159.1% during the second quarter. Addison Advisors LLC now owns 241 shares of the transportation company’s stock valued at $28,000 after buying an additional 148 shares during the last quarter. Fortitude Family Office LLC boosted its holdings 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 valued at $30,000 after acquiring an additional 229 shares during the period. Coastline Trust Co bought a new position in Canadian National Railway in the 3rd quarter valued at $34,000. Reston Wealth Management LLC purchased a new stake in Canadian National Railway in the third quarter worth $41,000. Finally, Sanctuary Wealth Management L.L.C. bought a new stake in shares of Canadian National Railway during the third quarter worth $56,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CNI shares. Veritas upgraded shares of Canadian National Railway from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 23rd. Citigroup raised shares of Canadian National Railway from a “neutral” rating to a “buy” rating and raised their target price for the stock from $126.00 to $130.00 in a research report on Tuesday, November 12th. Stephens reiterated an “equal weight” rating and issued a $116.00 price target on shares of Canadian National Railway in a report on Wednesday, October 23rd. Evercore ISI reduced their price objective 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. Finally, The Goldman Sachs Group lowered their target price 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. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Canadian National Railway has a consensus rating of “Hold” and an average target price of $125.86.

Canadian National Railway Stock Performance

CNI stock opened at $103.83 on Monday. Canadian National Railway has a one year low of $103.82 and a one year high of $134.02. The firm has a market cap of $65.32 billion, a price-to-earnings ratio of 16.64, a PEG ratio of 2.43 and a beta of 0.89. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.49 and a current ratio of 0.64. The firm has a 50-day simple moving average of $110.61 and a two-hundred day simple moving average of $115.22.

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 analysts’ consensus estimates of $1.70 by $0.02. Canadian National Railway had a net margin of 31.65% and a return on equity of 23.62%. The company had revenue of $4.11 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the company posted $1.26 earnings per share. Canadian National Railway’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities analysts forecast that Canadian National Railway will post 5.31 EPS for the current fiscal year.

Canadian National Railway Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be given a $0.6108 dividend. The ex-dividend date of this dividend is Monday, December 9th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 2.35%. Canadian National Railway’s payout ratio is 38.30%.

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.