Huber Capital Management LLC Sells 321 Shares of Consolidated Edison, Inc. (NYSE:ED)

Huber Capital Management LLC trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,939 shares of the utilities provider’s stock after selling 321 shares during the quarter. Huber Capital Management LLC’s holdings in Consolidated Edison were worth $799,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Beacon Capital Management LLC boosted its stake in Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 300 shares during the last quarter. Tidemark LLC bought a new position in Consolidated Edison during the fourth quarter valued at $29,000. Raleigh Capital Management Inc. purchased a new stake in Consolidated Edison in the fourth quarter worth $29,000. Pathway Financial Advisers LLC bought a new stake in shares of Consolidated Edison in the first quarter valued at $33,000. Finally, TruNorth Capital Management LLC purchased a new position in shares of Consolidated Edison during the 2nd quarter valued at $33,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Price Performance

ED stock opened at $103.35 on Friday. The firm has a 50 day simple moving average of $100.08 and a two-hundred day simple moving average of $94.62. The stock has a market cap of $35.74 billion, a PE ratio of 19.84, a P/E/G 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. 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 (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $3.08 billion. During the same period in the previous year, the business earned $0.61 earnings per share. On average, analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given 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 3.21%. Consolidated Edison’s payout ratio is 63.72%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ED shares. Morgan Stanley lifted their price objective on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a report on Friday, August 23rd. Guggenheim lifted their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. UBS Group boosted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday. Barclays raised their target price on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Finally, Mizuho upped their price target on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $93.42.

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.