Summit Asset Management LLC Decreases Stake in Canadian Pacific Kansas City Limited (NYSE:CP)

Summit Asset Management LLC reduced its stake in Canadian Pacific Kansas City Limited (NYSE:CP) (TSE:CP) by 11.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,906 shares of the transportation company’s stock after selling 800 shares during the quarter. Summit Asset Management LLC’s holdings in Canadian Pacific Kansas City were worth $505,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Grove Bank & Trust increased its holdings in Canadian Pacific Kansas City by 56.0% in the 3rd quarter. Grove Bank & Trust now owns 362 shares of the transportation company’s stock worth $31,000 after buying an additional 130 shares during the period. Tower View Wealth Management LLC increased its holdings in Canadian Pacific Kansas City by 0.3% in the 3rd quarter. Tower View Wealth Management LLC now owns 51,550 shares of the transportation company’s stock worth $4,410,000 after buying an additional 130 shares during the period. Bradley Foster & Sargent Inc. CT increased its holdings in Canadian Pacific Kansas City by 3.0% in the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 4,504 shares of the transportation company’s stock worth $355,000 after buying an additional 131 shares during the period. Trust Co. of Vermont increased its holdings in Canadian Pacific Kansas City by 4.7% in the 3rd quarter. Trust Co. of Vermont now owns 3,037 shares of the transportation company’s stock worth $260,000 after buying an additional 135 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its holdings in Canadian Pacific Kansas City by 12.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,252 shares of the transportation company’s stock worth $107,000 after buying an additional 141 shares during the period. 72.20% of the stock is owned by hedge funds and other institutional investors.

Canadian Pacific Kansas City Trading Down 1.1 %

Shares of CP stock opened at $76.03 on Thursday. The stock’s fifty day moving average is $81.94 and its two-hundred day moving average is $80.74. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.46 and a current ratio of 0.53. The firm has a market capitalization of $70.96 billion, a P/E ratio of 27.15, a PEG ratio of 2.28 and a beta of 0.98. Canadian Pacific Kansas City Limited has a fifty-two week low of $69.27 and a fifty-two week high of $91.58.

Canadian Pacific Kansas City (NYSE:CP) (TSE:CP) last posted its quarterly earnings results on Wednesday, October 23rd. The transportation company reported $0.99 EPS for the quarter, missing the consensus estimate of $1.01 by ($0.02). Canadian Pacific Kansas City had a return on equity of 8.78% and a net margin of 24.50%. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the firm earned $0.69 EPS. The firm’s revenue was up 6.3% on a year-over-year basis. Research analysts expect that Canadian Pacific Kansas City Limited will post 3.06 earnings per share for the current fiscal year.

Canadian Pacific Kansas City Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 27th. Stockholders of record on Friday, December 27th will be issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 0.74%. The ex-dividend date of this dividend is Friday, December 27th. This is a positive change from Canadian Pacific Kansas City’s previous quarterly dividend of $0.14. Canadian Pacific Kansas City’s payout ratio is currently 19.64%.

Wall Street Analyst Weigh In

CP has been the topic of several research reports. Jefferies Financial Group cut their price target on shares of Canadian Pacific Kansas City from $105.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Sanford C. Bernstein dropped their price objective on shares of Canadian Pacific Kansas City from $91.98 to $91.25 and set a “market perform” rating on the stock in a research note on Wednesday, October 9th. Barclays raised their price objective on shares of Canadian Pacific Kansas City from $95.00 to $97.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Bank of America dropped their price objective on shares of Canadian Pacific Kansas City from $94.00 to $91.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Finally, Citigroup dropped their price objective on shares of Canadian Pacific Kansas City from $98.00 to $91.00 and set a “buy” rating on the stock in a research note on Tuesday. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $93.68.

About Canadian Pacific Kansas City

Canadian Pacific Kansas City Limited, together with its subsidiaries, owns and operates a transcontinental freight railway in Canada, the United States, and Mexico. The company transports bulk commodities, including grain, coal, potash, fertilizers, and sulphur; merchandise freight, such as forest products, energy, chemicals and plastics, metals, minerals, consumer products, and automotive; and intermodal traffic comprising retail goods in overseas containers.