Gabelli Funds LLC Has $6.01 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Gabelli Funds LLC lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,200 shares of the utilities provider’s stock after selling 2,300 shares during the quarter. Gabelli Funds LLC’s holdings in Consolidated Edison were worth $6,009,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Clean Energy Transition LLP raised its stake in shares of Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Consolidated Edison by 302.3% in the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after buying an additional 532,893 shares during the period. AMF Tjanstepension AB raised its stake in shares of Consolidated Edison by 243.2% in the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock valued at $44,564,000 after buying an additional 352,903 shares in the last quarter. Swedbank AB bought a new position in shares of Consolidated Edison during the 1st quarter worth about $30,515,000. Finally, LPL Financial LLC boosted its position in shares of Consolidated Edison by 101.3% during the 2nd quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock valued at $54,242,000 after acquiring an additional 305,291 shares in the last quarter. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Down 1.2 %

Shares of ED opened at $102.82 on Wednesday. The business’s fifty day moving average price is $100.58 and its two-hundred day moving average price is $94.88. The firm has a market capitalization of $35.56 billion, a price-to-earnings ratio of 19.74, a PEG ratio of 3.50 and a beta of 0.36. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $105.99. 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 posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter last year, the business earned $0.61 earnings per share. On average, analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.23%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Analysts Set New Price Targets

Several research analysts recently issued reports on ED shares. Scotiabank increased their price target 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. Mizuho boosted their price target on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Morgan Stanley increased their price objective on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research note on Friday, August 23rd. Guggenheim boosted their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Bank of America increased their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Four 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $93.42.

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.