Renaissance Technologies LLC Trims Stake in Consolidated Edison, Inc. (NYSE:ED)

Renaissance Technologies LLC cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 9.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 411,000 shares of the utilities provider’s stock after selling 45,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.12% of Consolidated Edison worth $36,752,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of ED. Dimensional Fund Advisors LP boosted its stake in shares of Consolidated Edison by 0.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,126,595 shares of the utilities provider’s stock worth $102,484,000 after acquiring an additional 6,176 shares in the last quarter. Brown Advisory Inc. boosted its position in Consolidated Edison by 1.8% during the fourth quarter. Brown Advisory Inc. now owns 19,019 shares of the utilities provider’s stock worth $1,730,000 after purchasing an additional 331 shares in the last quarter. Norges Bank acquired a new stake in Consolidated Edison in the fourth quarter valued at approximately $243,511,000. UBS Group AG increased its position in shares of Consolidated Edison by 14.7% in the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after buying an additional 62,519 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Consolidated Edison by 10.7% during the 4th quarter. Wells Fargo & Company MN now owns 281,514 shares of the utilities provider’s stock worth $25,609,000 after buying an additional 27,242 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on ED. Morgan Stanley lifted their price target on shares of Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a research note on Friday, August 23rd. Guggenheim lifted their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Mizuho raised their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Finally, UBS Group boosted their price objective on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $92.65.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $103.41 on Thursday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The business’s 50 day moving average price is $99.64 and its 200 day moving average price is $94.46. The company has a market cap of $35.76 billion, a price-to-earnings ratio of 19.85, a PEG ratio of 3.50 and a beta of 0.36. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $105.99.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share 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 firm 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 posted $0.61 EPS. On average, research analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were paid a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.21%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Consolidated Edison Company 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.