5 Cheap Transportation Stocks To Buy

3. Canadian National Railway Company (NYSE:CNI)

Number of Hedge Fund Holders: 39

Trailing P/E Ratio: 19.50

Canadian National Railway Company (NYSE:CNI) primarily offers rail transportation services. The company provides a variety of rail services, intermodal services, and trucking services, including temperature controlled cargo, customs brokerage, and logistic parks. The company serves automotive, coal, fertilizers, forest products, grain, petroleum, and consumer goods industries across Canada and the United States. Canadian National Railway Company (NYSE:CNI) is one of the best cheap transportation stocks to invest in. 

On May 9, Canadian National Railway Company (NYSE:CNI) disclosed a public debt issuance consisting of C$550 million 4.15% notes due 2030, C$400 million 4.40% notes due 2033, and C$800 million 4.70% notes due 2053. The offering concluded on May 10, 2023. The funds raised will be utilized for general corporate expenses, including potential activities like redeeming and refinancing existing debts, share buybacks, acquisitions, and exploring other business opportunities.

According to Insider Monkey’s first quarter database, 39 hedge funds were bullish on Canadian National Railway Company (NYSE:CNI), compared to 41 funds in the earlier quarter. Bill & Melinda Gates Foundation Trust is the largest stakeholder of the company, with 54.8 million shares worth $6.4 billion.