Mutual Advisors LLC Reduces Position in Consolidated Edison, Inc. (NYSE:ED)

Mutual Advisors LLC reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,595 shares of the utilities provider’s stock after selling 138 shares during the period. Mutual Advisors LLC’s holdings in Consolidated Edison were worth $516,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Point72 Asset Management L.P. lifted its stake in Consolidated Edison by 1,766.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after acquiring an additional 935,962 shares during the period. FMR LLC lifted its position in Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after purchasing an additional 572,530 shares during the period. International Assets Investment Management LLC lifted its position in Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after purchasing an additional 548,204 shares during the period. National Bank of Canada FI boosted its holdings in Consolidated Edison by 350.6% in the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock valued at $64,634,000 after purchasing an additional 482,953 shares during the last quarter. Finally, State Street Corp grew its position in Consolidated Edison by 1.7% during the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after purchasing an additional 399,034 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 4.7 %

Shares of ED opened at $94.87 on Tuesday. The stock has a 50 day moving average price of $92.88 and a 200 day moving average price of $98.07. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a market capitalization of $32.86 billion, a price-to-earnings ratio of 17.87, a PEG ratio of 2.89 and a beta of 0.38.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.58%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s payout ratio is currently 62.52%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Barclays lowered their target price on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a research note on Monday. Morgan Stanley lowered their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price for the company. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price target for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Finally, Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $100.00.

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.