Comerica Bank reduced its position in Canadian Pacific Railway Ltd (NYSE:CP) (TSE:CP) by 3.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 11,173 shares of the transportation company’s stock after selling 435 shares during the quarter. Comerica Bank’s holdings in Canadian Pacific Railway were worth $2,353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of CP. Pinnacle Bank acquired a new position in Canadian Pacific Railway during the fourth quarter worth $28,000. CWM LLC raised its position in Canadian Pacific Railway by 186.2% during the fourth quarter. CWM LLC now owns 166 shares of the transportation company’s stock worth $29,000 after acquiring an additional 108 shares during the period. Van ECK Associates Corp acquired a new position in Canadian Pacific Railway during the fourth quarter worth $36,000. Capital Investment Advisory Services LLC acquired a new position in Canadian Pacific Railway during the fourth quarter worth $40,000. Finally, Princeton Global Asset Management LLC acquired a new position in Canadian Pacific Railway during the fourth quarter worth $45,000. Hedge funds and other institutional investors own 67.83% of the company’s stock.
Shares of CP opened at $223.50 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.76 and a debt-to-equity ratio of 1.24. Canadian Pacific Railway Ltd has a 12-month low of $167.48 and a 12-month high of $229.85. The stock has a market capitalization of $31.29 billion, a P/E ratio of 19.96, a PEG ratio of 1.64 and a beta of 1.17.
Canadian Pacific Railway (NYSE:CP) (TSE:CP) last announced its quarterly earnings data on Tuesday, April 23rd. The transportation company reported $2.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.25 by $0.54. Canadian Pacific Railway had a net margin of 27.45% and a return on equity of 30.52%. The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the prior year, the firm posted $2.70 earnings per share. Canadian Pacific Railway’s quarterly revenue was up 6.3% on a year-over-year basis. Equities research analysts anticipate that Canadian Pacific Railway Ltd will post 12.28 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Friday, June 28th will be issued a $0.6174 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $2.47 dividend on an annualized basis and a dividend yield of 1.10%. This is a positive change from Canadian Pacific Railway’s previous quarterly dividend of $0.49. Canadian Pacific Railway’s dividend payout ratio is currently 17.41%.
CP has been the subject of a number of research reports. Sanford C. Bernstein lowered shares of Canadian Pacific Railway from an “outperform” rating to a “market perform” rating and set a $211.00 target price for the company. in a report on Tuesday, March 12th. Macquarie reaffirmed a “buy” rating on shares of Canadian Pacific Railway in a report on Thursday, March 28th. Deutsche Bank dropped their target price on shares of Canadian Pacific Railway from $248.00 to $230.00 and set a “buy” rating for the company in a report on Monday, March 18th. ValuEngine lowered shares of Canadian Pacific Railway from a “buy” rating to a “hold” rating in a report on Monday, April 1st. Finally, Citigroup upped their target price on shares of Canadian Pacific Railway from $233.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Four analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $230.77.
TRADEMARK VIOLATION NOTICE: “Comerica Bank Has $2.35 Million Position in Canadian Pacific Railway Ltd (CP)” was first posted by Zolmax and is the property of of Zolmax. If you are viewing this news story on another publication, it was stolen and reposted in violation of United States and international trademark and copyright law. The original version of this news story can be viewed at https://zolmax.com/investing/comerica-bank-has-2-35-million-position-in-canadian-pacific-railway-ltd-cp/3094724.html.
Canadian Pacific Railway 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.
Further Reading: Differences Between Momentum Investing and Long Term Investing
Want to see what other hedge funds are holding CP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Pacific Railway Ltd (NYSE:CP) (TSE:CP).
Receive News & Ratings for Canadian Pacific Railway Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Pacific Railway and related companies with MarketBeat.com's FREE daily email newsletter.