Fluent Financial LLC Trims Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Fluent Financial LLC reduced its position in Consolidated Edison, Inc. (NYSE:ED) by 11.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,320 shares of the utilities provider’s stock after selling 2,160 shares during the quarter. Fluent Financial LLC’s holdings in Consolidated Edison were worth $1,804,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Retirement Planning Co of New England Inc. lifted its position in Consolidated Edison by 4.2% during the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after acquiring an additional 100 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Consolidated Edison by 13.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 100 shares during the period. Syon Capital LLC grew its position in Consolidated Edison by 2.3% in the 4th quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock valued at $542,000 after buying an additional 136 shares during the last quarter. G&S Capital LLC grew its position in Consolidated Edison by 1.6% in the 1st quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock valued at $794,000 after buying an additional 139 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its stake in Consolidated Edison by 2.6% in the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock valued at $503,000 after buying an additional 141 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ED shares. Morgan Stanley raised their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Scotiabank boosted their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Wells Fargo & Company increased their target price 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. Guggenheim lifted their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $93.88.

Consolidated Edison Price Performance

Shares of NYSE:ED traded down $0.87 during midday trading on Friday, hitting $103.15. 952,852 shares of the stock were exchanged, compared to its average volume of 1,826,538. Consolidated Edison, Inc. has a twelve month low of $82.66 and a twelve month high of $105.99. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The company has a 50 day moving average price of $102.05 and a 200-day moving average price of $95.60. The stock has a market cap of $35.67 billion, a P/E ratio of 19.80, a PEG ratio of 3.52 and a beta of 0.36.

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 analysts’ consensus estimates 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 analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the business posted $0.61 earnings per share. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders 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 annualized dividend and a dividend yield of 3.22%. Consolidated Edison’s dividend payout ratio is currently 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.