State Board of Administration of Florida Retirement System lowered its stake in Consolidated Edison, Inc. (NYSE:ED) by 0.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 436,571 shares of the utilities provider’s stock after selling 3,573 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.14% of Consolidated Edison worth $33,262,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Financial Counselors Inc. lifted its holdings in shares of Consolidated Edison by 38.7% during the 3rd quarter. Financial Counselors Inc. now owns 3,675 shares of the utilities provider’s stock valued at $280,000 after buying an additional 1,025 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its holdings in shares of Consolidated Edison by 4.6% during the 3rd quarter. Nissay Asset Management Corp Japan ADV now owns 23,788 shares of the utilities provider’s stock valued at $1,812,000 after buying an additional 1,049 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Consolidated Edison by 1.9% during the 3rd quarter. Arizona State Retirement System now owns 181,870 shares of the utilities provider’s stock valued at $13,857,000 after buying an additional 3,423 shares during the last quarter. Round Table Services LLC lifted its holdings in shares of Consolidated Edison by 16.6% during the 3rd quarter. Round Table Services LLC now owns 6,942 shares of the utilities provider’s stock valued at $529,000 after buying an additional 988 shares during the last quarter. Finally, GWM Advisors LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $220,000. 58.60% of the stock is currently owned by hedge funds and other institutional investors.
ED opened at $76.04 on Tuesday. Consolidated Edison, Inc. has a twelve month low of $71.12 and a twelve month high of $89.70. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.62 and a quick ratio of 0.56. The company has a market capitalization of $23.21 billion and a P/E ratio of 18.59.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 1st. The utilities provider reported $1.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.11. Consolidated Edison had a return on equity of 8.64% and a net margin of 12.60%. The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.17 billion. During the same period in the previous year, the company earned $1.47 EPS. Equities analysts expect that Consolidated Edison, Inc. will post 4.27 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Wednesday, November 14th will be issued a $0.715 dividend. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 annualized dividend and a yield of 3.76%. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.93%.
Several brokerages have recently issued reports on ED. Morgan Stanley lifted their price target on Consolidated Edison from $77.00 to $81.00 and gave the company a “sell” rating in a report on Tuesday, September 11th. Wells Fargo & Co lifted their price target on Consolidated Edison from $81.00 to $83.00 and gave the company a “market perform” rating in a report on Monday, September 17th. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a report on Wednesday, September 12th. UBS Group lifted their price target on Consolidated Edison from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, September 21st. Finally, Howard Weil began coverage on Consolidated Edison in a report on Tuesday, July 24th. They set a “sector underperform” rating for the company. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $77.18.
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About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.
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