Canadian National Railway (CNR) has announced its intention to potentially issue debt securities in both Canadian and U.S. markets over the next 25 months. The net proceeds from the sale of these debt securities would be used for general corporate purposes, including the redemption and refinancing of outstanding debt, share repurchases, acquisitions, and other business opportunities. CN has filed a shelf prospectus with Canadian securities regulators and a registration statement with the United States Securities and Exchange Commission (SEC). The registration statement is not yet effective, so the securities cannot be sold or offers to buy accepted until it is. This announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities [0fc20ede].
Quadrature Capital Ltd, a hedge fund, has increased its holdings in CNR by 98.9% during the 3rd quarter. The fund now owns 1,229,900 shares of CNR, making it the 5th largest holding in its portfolio. The total value of the stock holdings is $134.14 million [02a1ca7a].
Quadrature Capital Ltd has also increased its holdings in Deere & Company (DE) by 94% during the 3rd quarter, according to the company's most recent Form 13F filing with the SEC. The hedge fund now owns 301,396 shares of DE, making it the 6th biggest position in its investment portfolio. Deere & Company accounts for 2.4% of Quadrature Capital Ltd's investment portfolio. The total value of the stock holdings is not disclosed [6087c533].
Other hedge funds have also recently bought and sold shares of CNR and DE. The stock of CNR is currently trading at $130.92, with a market capitalization of $84.05 billion. CNR recently announced a quarterly dividend of $0.638 per share, representing a boost from its previous dividend of $0.58. The ex-dividend date is March 6th, and the dividend will be paid on March 28th. Analysts expect CNR to post earnings per share of $5.95 for the current year. Several equities research analysts have recently downgraded their rating on CNR from 'buy' to 'hold' and decreased their target price for the stock. The average rating for CNR is currently 'hold' with a consensus target price of $144.20 [02a1ca7a].
Deere & Company (DE) has received several ratings from brokerages. Canaccord Genuity Group decreased their target price on DE from $400.00 to $375.00 and set a 'hold' rating for the company. Citigroup decreased their target price on DE from $450.00 to $435.00 and set a 'buy' rating for the company. JPMorgan Chase & Co. upped their target price on DE from $380.00 to $385.00 and gave the stock a 'neutral' rating. Deutsche Bank Aktiengesellschaft decreased their target price on DE from $425.00 to $401.00 and set a 'hold' rating for the company. Melius downgraded DE from a 'buy' rating to a 'hold' rating. Ten research analysts have rated the stock with a 'hold' rating and nine have given a 'buy' rating to the company. According to MarketBeat, DE currently has an average rating of 'hold' and a consensus target price of $428.58 [6087c533].