Essex LLC Trims Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Essex LLC trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 5.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,328 shares of the utilities provider’s stock after selling 1,081 shares during the period. Essex LLC’s holdings in Consolidated Edison were worth $1,636,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in shares of Consolidated Edison in the 3rd quarter valued at approximately $27,000. AlphaMark Advisors LLC purchased a new position in Consolidated Edison during the 4th quarter valued at about $27,000. Ashton Thomas Securities LLC purchased a new stake in Consolidated Edison in the third quarter worth about $30,000. CGC Financial Services LLC increased its stake in shares of Consolidated Edison by 64.0% during the fourth quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 213 shares in the last quarter. Finally, FSA Wealth Management LLC purchased a new position in shares of Consolidated Edison during the third quarter valued at approximately $55,000. Institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Mizuho lifted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Barclays decreased their target price on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a report on Monday, January 27th. Finally, Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their price target for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $100.00.

Consolidated Edison Trading Up 0.7 %

Shares of ED stock opened at $96.05 on Friday. The stock’s 50-day moving average price is $91.96 and its 200-day moving average price is $98.13. 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 $33.27 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 3.04 and a beta of 0.39. 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 (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Equities research analysts predict that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be given a dividend of $0.85 per share. The ex-dividend date is Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.54%. Consolidated Edison’s dividend payout ratio is 62.52%.

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.