NewEdge Advisors LLC Reduces Position in Consolidated Edison, Inc. (NYSE:ED)

NewEdge Advisors LLC trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 26.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,701 shares of the utilities provider’s stock after selling 6,634 shares during the quarter. NewEdge Advisors LLC’s holdings in Consolidated Edison were worth $1,672,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Clean Energy Transition LLP boosted its position in Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after acquiring an additional 623,787 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Consolidated Edison by 302.3% during the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after purchasing an additional 532,893 shares during the last quarter. AMF Tjanstepension AB boosted its holdings in shares of Consolidated Edison by 243.2% during the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares during the last quarter. Swedbank AB purchased a new stake in shares of Consolidated Edison in the first quarter valued at $30,515,000. Finally, LPL Financial LLC increased its stake in Consolidated Edison by 101.3% in the second quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock valued at $54,242,000 after purchasing an additional 305,291 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Trading Down 0.8 %

NYSE:ED opened at $103.15 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison, Inc. has a 12 month low of $82.66 and a 12 month high of $105.99. The firm has a market capitalization of $35.67 billion, a PE ratio of 19.80, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36. The business’s 50-day moving average is $102.05 and its two-hundred day moving average is $95.65.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the company earned $0.61 earnings per share. Research analysts predict that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.22%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Morgan Stanley raised their price target on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Bank of America raised their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Guggenheim upped their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Scotiabank increased their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Finally, UBS Group boosted their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $93.88.

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.