State of New Jersey Common Pension Fund D Reduces Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 35.1% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 119,738 shares of the utilities provider’s stock after selling 64,640 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Consolidated Edison were worth $10,707,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in shares of Consolidated Edison by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,126,595 shares of the utilities provider’s stock valued at $102,484,000 after buying an additional 6,176 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Consolidated Edison by 34.1% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 13,742 shares of the utilities provider’s stock valued at $1,250,000 after buying an additional 3,494 shares during the period. Foundations Investment Advisors LLC lifted its holdings in shares of Consolidated Edison by 22.1% in the 4th quarter. Foundations Investment Advisors LLC now owns 7,254 shares of the utilities provider’s stock valued at $673,000 after buying an additional 1,315 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Consolidated Edison by 8.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,049 shares of the utilities provider’s stock valued at $186,000 after buying an additional 165 shares during the period. Finally, Beacon Pointe Advisors LLC lifted its holdings in shares of Consolidated Edison by 6.0% in the 4th quarter. Beacon Pointe Advisors LLC now owns 21,035 shares of the utilities provider’s stock valued at $1,914,000 after buying an additional 1,200 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

NYSE:ED opened at $104.56 on Friday. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $105.99. The stock has a 50 day moving average of $98.73 and a two-hundred day moving average of $94.10. 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 $36.19 billion, a P/E ratio of 20.07, a price-to-earnings-growth ratio of 3.50 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 return on equity of 8.67% and a net margin of 12.03%. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the business earned $0.61 EPS. On average, analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be given a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.18%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Wall Street Analyst Weigh In

ED has been the subject of several analyst reports. Wells Fargo & Company boosted their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Scotiabank upped their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Guggenheim upped their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Bank of America upped their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, UBS Group upped their price target on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison has an average rating of “Hold” and an average target price of $92.65.

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.