Public Employees Retirement Association of Colorado Cuts Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Public Employees Retirement Association of Colorado lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,830 shares of the utilities provider’s stock after selling 308 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Consolidated Edison were worth $4,098,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. 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. Raleigh Capital Management Inc. purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $29,000. Pathway Financial Advisers LLC purchased a new stake in shares of Consolidated Edison during the first quarter worth $33,000. TruNorth Capital Management LLC purchased a new stake in shares of Consolidated Edison during the second quarter worth $33,000. Finally, Quarry LP purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $35,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of ED opened at $103.35 on Monday. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $105.99. The company has a market capitalization of $35.74 billion, a price-to-earnings ratio of 19.84, a price-to-earnings-growth ratio of 3.50 and a beta of 0.36. The firm has a 50-day simple moving average of $100.08 and a 200-day simple moving average of $94.69. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The firm 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 last year, the firm earned $0.61 earnings per share. On average, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given a $0.83 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.21%. Consolidated Edison’s payout ratio is currently 63.72%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ED shares. Scotiabank upped their price objective on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. UBS Group increased their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday. Guggenheim increased their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Morgan Stanley increased their target price on Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a report on Friday, August 23rd. Finally, Argus raised Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $93.42.

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.