Meyer Handelman Co. Reduces Stock Holdings in Enbridge Inc. (NYSE:ENB)

Meyer Handelman Co. lessened its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 8.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,293 shares of the pipeline company’s stock after selling 4,520 shares during the period. Meyer Handelman Co.’s holdings in Enbridge were worth $2,091,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge during the 2nd quarter valued at about $28,000. McIlrath & Eck LLC raised its position in Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 295 shares in the last quarter. Grove Bank & Trust raised its position in Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares in the last quarter. MFA Wealth Advisors LLC lifted its holdings in Enbridge by 55.6% in the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after acquiring an additional 280 shares during the period. Finally, Fortitude Family Office LLC acquired a new stake in shares of Enbridge during the 3rd quarter worth approximately $35,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Performance

ENB opened at $44.04 on Wednesday. The firm’s fifty day simple moving average is $42.62 and its two-hundred day simple moving average is $40.42. Enbridge Inc. has a 52-week low of $32.85 and a 52-week high of $44.13. The company has a market cap of $95.93 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 4.14 and a beta of 0.93. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The firm had revenue of $10.91 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same period last year, the company posted $0.46 EPS. Equities analysts anticipate that Enbridge Inc. will post 2.03 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.09%. The ex-dividend date is Friday, February 14th. Enbridge’s payout ratio is 124.07%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ENB shares. Morgan Stanley initiated coverage on shares of Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating for the company. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. TD Securities initiated coverage on Enbridge in a report on Wednesday. They issued a “buy” rating for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $63.00 price objective (up from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Enbridge presently has a consensus rating of “Hold” and a consensus target price of $63.00.

Enbridge Profile

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.