CWA Asset Management Group LLC Sells 365 Shares of Consolidated Edison, Inc. (NYSE:ED)

CWA Asset Management Group LLC cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 6.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,048 shares of the utilities provider’s stock after selling 365 shares during the quarter. CWA Asset Management Group LLC’s holdings in Consolidated Edison were worth $450,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new position in Consolidated Edison in the third quarter worth about $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Consolidated Edison during the 3rd quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new position in shares of Consolidated Edison in the 3rd quarter worth approximately $55,000. FSA Wealth Management LLC purchased a new position in shares of Consolidated Edison in the 3rd quarter valued at approximately $55,000. Finally, Webster Bank N. A. boosted its position in shares of Consolidated Edison by 189.5% during the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 379 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

ED stock opened at $88.93 on Thursday. The stock’s 50 day simple moving average is $94.64 and its 200 day simple moving average is $97.88. 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, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The stock has a market capitalization of $30.81 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 3.11 and a beta of 0.38.

Consolidated Edison (NYSE:ED) last announced 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 firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. As a group, research analysts forecast that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th were paid a $0.83 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.73%. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ED shares. Morgan Stanley decreased their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Barclays decreased their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research note on Friday, November 8th. UBS Group upped their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their target price for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Finally, Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $100.64.

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.