Forsta AP Fonden lowered its stake in shares of Canadian Pacific Railway Limited (NYSE:CP – Get Rating) (TSE:CP) by 2.6% during the first quarter, Holdings Channel reports. The firm owned 160,300 shares of the transportation company’s stock after selling 4,200 shares during the period. Forsta AP Fonden’s holdings in Canadian Pacific Railway were worth $13,242,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CP. Massachusetts Financial Services Co. MA raised its holdings in Canadian Pacific Railway by 75.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 33,543,907 shares of the transportation company’s stock worth $2,413,148,000 after purchasing an additional 14,404,285 shares in the last quarter. Norges Bank acquired a new stake in Canadian Pacific Railway during the fourth quarter worth approximately $672,023,000. State Street Corp raised its holdings in Canadian Pacific Railway by 1,410.5% during the fourth quarter. State Street Corp now owns 3,943,844 shares of the transportation company’s stock worth $284,294,000 after purchasing an additional 3,682,747 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Canadian Pacific Railway by 612.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,112,420 shares of the transportation company’s stock worth $295,837,000 after acquiring an additional 3,535,155 shares during the last quarter. Finally, Pershing Square Capital Management L.P. purchased a new position in shares of Canadian Pacific Railway during the fourth quarter worth approximately $202,421,000. Institutional investors and hedge funds own 75.22% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on CP. Susquehanna Bancshares lowered their target price on shares of Canadian Pacific Railway from $91.00 to $84.00 in a research report on Wednesday, July 6th. National Bank Financial raised their target price on shares of Canadian Pacific Railway from C$93.00 to C$98.00 in a research report on Friday, July 29th. Raymond James lowered their target price on shares of Canadian Pacific Railway from C$105.00 to C$100.00 in a research report on Friday, April 22nd. Wells Fargo & Company lowered their target price on shares of Canadian Pacific Railway from $88.00 to $83.00 and set an “overweight” rating on the stock in a research report on Friday, July 15th. Finally, Scotiabank lowered shares of Canadian Pacific Railway from a “sector outperform” rating to a “sector perform” rating in a research report on Thursday, July 7th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $90.13.
Canadian Pacific Railway Trading Up 0.8 %
Canadian Pacific Railway (NYSE:CP – Get Rating) (TSE:CP) last released its quarterly earnings results on Thursday, July 28th. The transportation company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.19. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Canadian Pacific Railway had a return on equity of 9.74% and a net margin of 29.38%. The business’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.84 EPS. On average, equities research analysts expect that Canadian Pacific Railway Limited will post 2.88 earnings per share for the current fiscal year.
Canadian Pacific Railway Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be paid a dividend of $0.148 per share. This represents a $0.59 annualized dividend and a dividend yield of 0.74%. The ex-dividend date is Thursday, September 29th. Canadian Pacific Railway’s dividend payout ratio (DPR) is presently 25.76%.
Canadian Pacific Railway Company Profile
Canadian Pacific Railway Limited, together with its subsidiaries, owns and operates a transcontinental freight railway in Canada and the United States. The company transports bulk commodities, including grain, coal, potash, fertilizers, and sulphur; and merchandise freight, such as energy, chemicals and plastics, metals, minerals and consumer, automotive, and forest products.
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