Meyer Handelman Co. Has $5.53 Million Stake in Enbridge Inc (ENB)
Meyer Handelman Co. reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.4% during the fourth quarter, HoldingsChannel reports. The firm owned 177,916 shares of the pipeline company’s stock after selling 738 shares during the quarter. Meyer Handelman Co.’s holdings in Enbridge were worth $5,530,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Reilly Financial Advisors LLC boosted its position in shares of Enbridge by 16.0% in the 4th quarter. Reilly Financial Advisors LLC now owns 2,138 shares of the pipeline company’s stock worth $66,000 after purchasing an additional 295 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Enbridge by 58.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 812 shares of the pipeline company’s stock worth $25,000 after purchasing an additional 300 shares in the last quarter. Cornerstone Advisors Inc. boosted its position in shares of Enbridge by 21.2% in the 4th quarter. Cornerstone Advisors Inc. now owns 1,850 shares of the pipeline company’s stock worth $57,000 after purchasing an additional 323 shares in the last quarter. Pineno Levin & Ford Asset Management Inc. boosted its position in shares of Enbridge by 1.1% in the 4th quarter. Pineno Levin & Ford Asset Management Inc. now owns 31,604 shares of the pipeline company’s stock worth $982,000 after purchasing an additional 355 shares in the last quarter. Finally, Radnor Capital Management LLC lifted its position in Enbridge by 0.7% in the 4th quarter. Radnor Capital Management LLC now owns 61,189 shares of the pipeline company’s stock valued at $1,902,000 after acquiring an additional 410 shares in the last quarter. 49.65% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on the company. Zacks Investment Research cut Enbridge from a “buy” rating to a “hold” rating in a research report on Wednesday, February 6th. Evercore ISI assumed coverage on Enbridge in a research report on Tuesday, February 5th. They issued an “outperform” rating on the stock. ValuEngine raised Enbridge from a “hold” rating to a “buy” rating in a research report on Monday, February 4th. UBS Group cut Enbridge from a “buy” rating to a “neutral” rating in a research report on Friday. Finally, CIBC reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Enbridge in a research report on Tuesday, January 15th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $48.80.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 15th will be given a $0.555 dividend. The ex-dividend date is Thursday, February 14th. This is a boost from Enbridge’s previous quarterly dividend of $0.51. This represents a $2.22 annualized dividend and a yield of 6.18%. Enbridge’s dividend payout ratio is 131.82%.
In other news, insider Byron C. Neiles sold 64,000 shares of the stock in a transaction on Friday, December 14th. The stock was sold at an average price of $43.10, for a total transaction of $2,758,400.00. Following the transaction, the insider now directly owns 128,665 shares of the company’s stock, valued at approximately $5,545,461.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Albert Monaco purchased 7,569 shares of the stock in a transaction dated Tuesday, December 4th. The shares were purchased at an average cost of $43.82 per share, for a total transaction of $331,673.58. Following the completion of the acquisition, the insider now directly owns 67,329 shares in the company, valued at $2,950,356.78. The disclosure for this purchase can be found here. 0.48% of the stock is owned by corporate insiders.
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Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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