Kentucky Retirement Systems Reduces Position in Consolidated Edison, Inc. (NYSE:ED)

Kentucky Retirement Systems lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,093 shares of the utilities provider’s stock after selling 1,968 shares during the quarter. Kentucky Retirement Systems’ holdings in Consolidated Edison were worth $2,509,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Capital Performance Advisors LLP acquired a new stake in shares of Consolidated Edison during the 3rd quarter valued at approximately $27,000. Beacon Capital Management LLC raised its position in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Ashton Thomas Securities LLC acquired a new stake in Consolidated Edison in the third quarter worth $30,000. Pathway Financial Advisers LLC bought a new stake in Consolidated Edison in the 1st quarter valued at about $33,000. Finally, TruNorth Capital Management LLC acquired a new position in Consolidated Edison during the 2nd quarter valued at about $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on ED shares. UBS Group raised their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Barclays lowered their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Wells Fargo & Company boosted their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Bank of America increased their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $98.35.

Consolidated Edison Stock Up 1.3 %

NYSE:ED opened at $96.44 on Monday. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The firm has a market capitalization of $33.41 billion, a price-to-earnings ratio of 18.16, a PEG ratio of 3.24 and a beta of 0.36. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The business’s fifty day moving average price is $102.68 and its 200 day moving average price is $98.04.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data 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 firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

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.