Philadelphia Trust Co. reduced its stake in Consolidated Edison Inc (NYSE:ED – Free Report) by 45.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,746 shares of the utilities provider’s stock after selling 5,570 shares during the period. Philadelphia Trust Co.’s holdings in Consolidated Edison were worth $690,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. PFS Partners LLC grew its position in shares of Consolidated Edison by 12.2% during the third quarter. PFS Partners LLC now owns 836 shares of the utilities provider’s stock valued at $85,000 after purchasing an additional 91 shares in the last quarter. Cornerstone Financial Management LLC lifted its position in shares of Consolidated Edison by 43.2% in the second quarter. Cornerstone Financial Management LLC now owns 318 shares of the utilities provider’s stock worth $35,000 after buying an additional 96 shares in the last quarter. Charles Schwab Trust Co lifted its position in shares of Consolidated Edison by 2.3% in the third quarter. Charles Schwab Trust Co now owns 4,400 shares of the utilities provider’s stock worth $450,000 after buying an additional 100 shares in the last quarter. Compass Financial Management LLC lifted its position in shares of Consolidated Edison by 18.9% in the third quarter. Compass Financial Management LLC now owns 636 shares of the utilities provider’s stock worth $65,000 after buying an additional 101 shares in the last quarter. Finally, SYM FINANCIAL Corp boosted its stake in Consolidated Edison by 5.0% during the third quarter. SYM FINANCIAL Corp now owns 2,158 shares of the utilities provider’s stock valued at $221,000 after buying an additional 102 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.
Consolidated Edison Trading Up 0.7%
Shares of ED stock opened at $119.22 on Wednesday. The company has a market cap of $44.25 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 4.10 and a beta of 0.23. Consolidated Edison Inc has a 1 year low of $94.96 and a 1 year high of $122.75. The stock’s 50 day simple moving average is $109.38 and its two-hundred day simple moving average is $109.50. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.18 and a quick ratio of 1.07.
Consolidated Edison (NYSE:ED – Get Free Report) last announced its earnings results on Thursday, November 5th. The utilities provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.04. The firm had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.75 billion. Consolidated Edison had a return on equity of 8.58% and a net margin of 12.70%. During the same quarter in the previous year, the business earned $1.90 EPS. Research analysts predict that Consolidated Edison Inc will post 6.10 earnings per share for the current year.
Consolidated Edison Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Wednesday, November 18th will be given a dividend of $0.8875 per share. The ex-dividend date is Wednesday, November 18th. This represents a $3.55 dividend on an annualized basis and a yield of 3.0%. Consolidated Edison’s payout ratio is 56.80%.
Analysts Set New Price Targets
Several research firms have weighed in on ED. The Goldman Sachs Group cut their price target on Consolidated Edison from $106.00 to $102.00 in a report on Thursday, October 15th. JPMorgan Chase & Co. decreased their price objective on Consolidated Edison from $115.00 to $112.00 and set an “underweight” rating on the stock in a report on Wednesday, August 19th. Morgan Stanley lowered their target price on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a research report on Friday, September 18th. Scotiabank cut their target price on shares of Consolidated Edison from $117.00 to $110.00 and set a “sector perform” rating for the company in a report on Wednesday, September 30th. Finally, Royal Bank Of Canada decreased their price target on shares of Consolidated Edison from $110.00 to $109.00 in a research note on Monday, October 26th. Five equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, Consolidated Edison currently has a consensus rating of “Reduce” and a consensus price target of $109.74.
View Our Latest Research Report on Consolidated Edison
About Consolidated Edison
Consolidated Edison, Inc. is an energy holding company whose principal business is delivering electricity, natural gas and steam through regulated utility subsidiaries. Its services include generating, transmitting and distributing energy to residential, commercial and industrial customers. Its largest subsidiary, Consolidated Edison Company of New York, serves customers in New York City and Westchester County. Orange and Rockland Utilities serves parts of southeastern New York and northern New Jersey.
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