Meyer Handelman Co. Sells 109,072 Shares of Enbridge Inc. (NYSE:ENB)

Meyer Handelman Co. trimmed its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 64.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,554 shares of the pipeline company’s stock after selling 109,072 shares during the period. Meyer Handelman Co.’s holdings in Enbridge were worth $2,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Harbor Investment Advisory LLC grew its holdings in Enbridge by 5.2% during the 4th quarter. Harbor Investment Advisory LLC now owns 5,623 shares of the pipeline company’s stock worth $203,000 after acquiring an additional 280 shares in the last quarter. North Star Investment Management Corp. lifted its position in shares of Enbridge by 24.6% during the fourth quarter. North Star Investment Management Corp. now owns 1,519 shares of the pipeline company’s stock valued at $55,000 after buying an additional 300 shares during the last quarter. Capital Investment Counsel Inc lifted its position in shares of Enbridge by 5.2% during the fourth quarter. Capital Investment Counsel Inc now owns 6,564 shares of the pipeline company’s stock valued at $237,000 after buying an additional 326 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its position in shares of Enbridge by 1.9% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 17,933 shares of the pipeline company’s stock valued at $646,000 after buying an additional 340 shares during the last quarter. Finally, Pine Valley Investments Ltd Liability Co lifted its position in shares of Enbridge by 3.3% during the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 11,309 shares of the pipeline company’s stock valued at $407,000 after buying an additional 359 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Enbridge Stock Performance

Shares of Enbridge stock opened at $34.70 on Friday. The firm has a market capitalization of $73.78 billion, a P/E ratio of 17.61, a PEG ratio of 3.26 and a beta of 0.90. The company has a quick ratio of 0.59, a current ratio of 0.68 and a debt-to-equity ratio of 1.35. The company has a 50 day moving average price of $35.86 and a 200 day moving average price of $35.62. Enbridge Inc. has a 52 week low of $31.03 and a 52 week high of $38.37.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.09. Enbridge had a net margin of 13.59% and a return on equity of 10.53%. The company had revenue of $8.19 billion during the quarter, compared to analyst estimates of $9 billion. Sell-side analysts expect that Enbridge Inc. will post 2.13 EPS for the current year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were given a dividend of $0.677 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This is a positive change from Enbridge’s previous quarterly dividend of $0.66. This represents a $2.71 dividend on an annualized basis and a yield of 7.80%. Enbridge’s dividend payout ratio (DPR) is currently 136.04%.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group started coverage on shares of Enbridge in a research report on Tuesday, February 27th. They set a “buy” rating for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $55.20.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.