Freedom Investment Management Inc. Reduces Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Freedom Investment Management Inc. lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 24.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,203 shares of the utilities provider’s stock after selling 721 shares during the quarter. Freedom Investment Management Inc.’s holdings in Consolidated Edison were worth $229,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ED. Capital Performance Advisors LLP acquired a new position in Consolidated Edison in the 3rd quarter valued at about $27,000. Ashton Thomas Securities LLC acquired a new position in Consolidated Edison in the third quarter valued at approximately $30,000. TruNorth Capital Management LLC acquired a new position in Consolidated Edison in the second quarter valued at approximately $33,000. Versant Capital Management Inc grew its position in Consolidated Edison by 380.2% in 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, Cultivar Capital Inc. acquired a new stake in Consolidated Edison during the second quarter worth $54,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

ED has been the subject of a number of research analyst reports. Barclays lowered their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. UBS Group increased their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Finally, Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $99.13.

Consolidated Edison Stock Down 1.0 %

Shares of NYSE ED opened at $100.59 on Monday. The stock has a market cap of $34.85 billion, a P/E ratio of 18.94, a PEG ratio of 3.38 and a beta of 0.36. The business’s fifty day simple moving average is $101.75 and its 200-day simple moving average is $98.21. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. As a group, equities analysts predict that Consolidated Edison, Inc. will post 5.34 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Consolidated Edison 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.