Private Advisor Group LLC Trims Stake in Consolidated Edison, Inc. (NYSE:ED)

Private Advisor Group LLC reduced its position in Consolidated Edison, Inc. (NYSE:ED) by 2.0% during the third quarter, HoldingsChannel.com reports. The firm owned 47,673 shares of the utilities provider’s stock after selling 955 shares during the period. Private Advisor Group LLC’s holdings in Consolidated Edison were worth $4,964,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Beacon Capital Management LLC increased its position in shares of Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 300 shares during the period. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison during the first quarter worth approximately $33,000. TruNorth Capital Management LLC purchased a new position in shares of Consolidated Edison during the second quarter worth approximately $33,000. Versant Capital Management Inc increased its position in shares of Consolidated Edison by 380.2% during the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 327 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of Consolidated Edison during the third quarter worth approximately $55,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Down 2.2 %

NYSE:ED opened at $104.60 on Friday. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The firm has a fifty day simple moving average of $103.35 and a 200-day simple moving average of $97.15. 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 market capitalization of $36.21 billion, a P/E ratio of 20.35, a PEG ratio of 3.57 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the firm posted $0.61 earnings per share. On average, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.17%. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.59%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ED shares. Barclays raised their target price on shares of Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a research report on Monday, October 21st. Scotiabank raised their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Bank of America lifted their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Morgan Stanley lifted their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Finally, Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $98.73.

About Consolidated Edison

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.