Newport Trust Company LLC Lowers Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Newport Trust Company LLC lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 2.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 560,759 shares of the utilities provider’s stock after selling 12,535 shares during the period. Newport Trust Company LLC owned approximately 0.16% of Consolidated Edison worth $50,143,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in ED. ProShare Advisors LLC increased its stake in Consolidated Edison by 6.6% in the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after acquiring an additional 123,654 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Consolidated Edison by 0.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after purchasing an additional 11,785 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Consolidated Edison by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after buying an additional 125,859 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Consolidated Edison by 14.6% in the 1st quarter. BNP Paribas Financial Markets now owns 720,573 shares of the utilities provider’s stock worth $65,435,000 after buying an additional 91,559 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after buying an additional 532,893 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ED shares. UBS Group boosted their price objective on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Mizuho raised their price objective on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Morgan Stanley increased their target price on Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a report on Friday, August 23rd. Wells Fargo & Company lifted their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Argus raised Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $92.65.

Consolidated Edison Stock Down 1.2 %

Shares of Consolidated Edison stock opened at $102.12 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $105.99. The company has a market cap of $35.32 billion, a P/E ratio of 19.60, a PEG ratio of 3.50 and a beta of 0.36. The company’s fifty day simple moving average is $99.86 and its two-hundred day simple moving average is $94.52.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the company earned $0.61 earnings per share. Research analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s payout ratio is presently 63.72%.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.