Krane Funds Advisors LLC Sells 345 Shares of Consolidated Edison Inc (NYSE:ED)

Krane Funds Advisors LLC trimmed its stake in shares of Consolidated Edison Inc (NYSE:ED) by 13.1% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 2,294 shares of the utilities provider’s stock after selling 345 shares during the quarter. Krane Funds Advisors LLC’s holdings in Consolidated Edison were worth $254,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Revolve Wealth Partners LLC lifted its holdings in shares of Consolidated Edison by 13.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock worth $332,000 after purchasing an additional 441 shares during the period. Jacobi Capital Management LLC raised its position in shares of Consolidated Edison by 4.2% during the fourth quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock worth $229,000 after purchasing an additional 104 shares during the period. Smartleaf Asset Management LLC raised its holdings in Consolidated Edison by 16.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,285 shares of the utilities provider’s stock worth $115,000 after buying an additional 183 shares during the last quarter. SRS Capital Advisors Inc. lifted its position in Consolidated Edison by 68.2% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,500 shares of the utilities provider’s stock valued at $134,000 after acquiring an additional 608 shares in the last quarter. Finally, Modera Wealth Management LLC boosted its position in shares of Consolidated Edison by 11.4% during the fourth quarter. Modera Wealth Management LLC now owns 13,873 shares of the utilities provider’s stock valued at $1,238,000 after buying an additional 1,418 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Mizuho upgraded shares of Consolidated Edison from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $105.00 to $107.00 in a report on Monday. Citigroup increased their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, April 9th. KeyCorp cut Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 target price for the company. in a research report on Wednesday, May 14th. UBS Group raised their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Finally, Barclays raised their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $105.27.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $100.74 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a market cap of $36.30 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 3.20 and a beta of 0.26. The stock’s 50-day moving average is $104.39 and its two-hundred day moving average is $100.84.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The company had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period in the prior year, the business earned $2.15 earnings per share. Analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison’s payout ratio is currently 62.85%.

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.