Miracle Mile Advisors LLC Cuts Stake in Consolidated Edison, Inc. (NYSE:ED)

Miracle Mile Advisors LLC reduced its position in Consolidated Edison, Inc. (NYSE:EDGet Rating) by 4.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 55,890 shares of the utilities provider’s stock after selling 2,325 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Consolidated Edison were worth $5,315,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ED. Godsey & Gibb Associates acquired a new position in Consolidated Edison during the fourth quarter valued at $26,000. Tyler Stone Wealth Management purchased a new stake in shares of Consolidated Edison during the fourth quarter worth about $26,000. Rise Advisors LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth about $30,000. Riverview Trust Co purchased a new stake in Consolidated Edison during the 1st quarter valued at about $34,000. Finally, First Command Bank grew its stake in Consolidated Edison by 43.3% during the 1st quarter. First Command Bank now owns 364 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 110 shares in the last quarter. 64.76% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Down 1.3 %

NYSE ED opened at $95.20 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.88 and a quick ratio of 0.82. The firm’s fifty day moving average price is $97.82 and its 200 day moving average price is $95.40. The company has a market capitalization of $33.76 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 10.73 and a beta of 0.25. Consolidated Edison, Inc. has a 12 month low of $71.52 and a 12 month high of $102.21.

Consolidated Edison (NYSE:EDGet Rating) last issued its quarterly earnings data on Thursday, August 4th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.09. Consolidated Edison had a net margin of 11.16% and a return on equity of 7.83%. During the same quarter in the prior year, the company posted $0.53 EPS. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 4.48 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 3.32%. The ex-dividend date was Tuesday, August 16th. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.15%.

Wall Street Analyst Weigh In

ED has been the subject of several research reports. KeyCorp upped their price objective on shares of Consolidated Edison from $72.00 to $75.00 and gave the company an “underweight” rating in a research note on Tuesday, July 19th. Morgan Stanley dropped their price objective on shares of Consolidated Edison from $84.00 to $82.00 and set an “underweight” rating for the company in a research note on Thursday. Mizuho dropped their price target on shares of Consolidated Edison from $100.00 to $99.00 and set a “buy” rating for the company in a research note on Monday, June 27th. Finally, Credit Suisse Group increased their price target on shares of Consolidated Edison from $92.00 to $94.00 and gave the company a “neutral” rating in a research note on Monday, August 8th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $85.82.

Consolidated Edison Company Profile

(Get Rating)

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 3.5 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 1,555 customers in parts of Manhattan.

Featured Articles

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:EDGet Rating).

Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.