Cornerstone Advisors LLC Lowers Position in Consolidated Edison, Inc. (NYSE:ED)

Cornerstone Advisors LLC lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,100 shares of the utilities provider’s stock after selling 100 shares during the period. Cornerstone Advisors LLC’s holdings in Consolidated Edison were worth $277,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ED. Citizens Financial Group Inc. RI raised its holdings in shares of Consolidated Edison by 82.7% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 14,353 shares of the utilities provider’s stock worth $1,283,000 after purchasing an additional 6,495 shares during the period. Mesirow Financial Investment Management Inc. increased its position in Consolidated Edison by 7.0% during the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 10,659 shares of the utilities provider’s stock worth $953,000 after purchasing an additional 697 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Consolidated Edison by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after buying an additional 125,859 shares during the period. Retirement Planning Co of New England Inc. lifted its position in Consolidated Edison by 4.2% during the second quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock valued at $224,000 after buying an additional 100 shares in the last quarter. Finally, Wealthspire Advisors LLC lifted its position in Consolidated Edison by 4.2% during the second quarter. Wealthspire Advisors LLC now owns 8,583 shares of the utilities provider’s stock valued at $768,000 after buying an additional 346 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.2 %

Shares of NYSE:ED opened at $104.60 on Wednesday. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-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 firm has a market cap of $36.17 billion, a PE ratio of 20.08, a price-to-earnings-growth ratio of 3.50 and a beta of 0.36. The company has a fifty day simple moving average of $99.37 and a 200 day simple moving average of $94.40.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the previous year, the firm earned $0.61 EPS. On average, equities research analysts anticipate 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. Shareholders of record on Wednesday, August 14th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Analyst Upgrades and Downgrades

ED has been the topic of a number of research reports. Scotiabank raised their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. UBS Group raised their price objective on Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Morgan Stanley upped their target price on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research report on Friday, August 23rd. Barclays raised their target price on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a report on Monday, August 5th. Finally, Argus upgraded Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $92.65.

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.