MQS Management LLC Sells 1,137 Shares of Consolidated Edison, Inc. (NYSE:ED)

MQS Management LLC lowered its stake in Consolidated Edison, Inc. (NYSE:ED) by 25.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,349 shares of the utilities provider’s stock after selling 1,137 shares during the period. MQS Management LLC’s holdings in Consolidated Edison were worth $304,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of ED. Healthcare of Ontario Pension Plan Trust Fund grew its position in Consolidated Edison by 11.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 95,244 shares of the utilities provider’s stock valued at $8,649,000 after acquiring an additional 9,430 shares during the last quarter. Twin Capital Management Inc. grew its position in Consolidated Edison by 27.7% in the first quarter. Twin Capital Management Inc. now owns 40,196 shares of the utilities provider’s stock valued at $3,650,000 after acquiring an additional 8,712 shares during the last quarter. Lake Street Advisors Group LLC grew its position in Consolidated Edison by 8.4% in the first quarter. Lake Street Advisors Group LLC now owns 4,069 shares of the utilities provider’s stock valued at $369,000 after acquiring an additional 314 shares during the last quarter. UniSuper Management Pty Ltd grew its position in Consolidated Edison by 355.2% in the first quarter. UniSuper Management Pty Ltd now owns 14,684 shares of the utilities provider’s stock valued at $1,333,000 after acquiring an additional 11,458 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in Consolidated Edison by 2.1% in the first quarter. Clearbridge Investments LLC now owns 28,761 shares of the utilities provider’s stock valued at $2,612,000 after acquiring an additional 595 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.4 %

ED traded up $0.41 during trading on Friday, hitting $96.33. The company’s stock had a trading volume of 115,883 shares, compared to its average volume of 1,867,152. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $98.55. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The stock’s fifty day moving average price is $92.03 and its 200-day moving average price is $91.19. The firm has a market capitalization of $33.31 billion, a P/E ratio of 18.41, a PEG ratio of 2.44 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same period in the previous year, the firm earned $1.83 earnings per share. The company’s revenue was down 2.8% compared to the same quarter last year. Analysts anticipate that Consolidated Edison, Inc. will post 5.32 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.45%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ED. Mizuho boosted their price target on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Scotiabank reduced their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Wells Fargo & Company boosted their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. UBS Group boosted their price target on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Finally, Barclays cut Consolidated Edison from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $97.00 to $92.00 in a report on Monday. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $89.04.

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.