Consolidated Edison, Inc. (NYSE:ED) Stake Reduced by Arizona State Retirement System

Arizona State Retirement System cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 1.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 98,175 shares of the utilities provider’s stock after selling 993 shares during the quarter. Arizona State Retirement System’s holdings in Consolidated Edison were worth $8,760,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ED. Capital Performance Advisors LLP purchased a new position in Consolidated Edison in the 3rd quarter worth about $27,000. AlphaMark Advisors LLC purchased a new position in Consolidated Edison in the 4th quarter worth about $27,000. Ashton Thomas Securities LLC purchased a new position in Consolidated Edison in the 3rd quarter worth about $30,000. Centricity Wealth Management LLC purchased a new position in Consolidated Edison in the 4th quarter worth about $39,000. Finally, CGC Financial Services LLC increased its stake in Consolidated Edison by 64.0% in the 4th quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 213 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Trading Up 2.8 %

Shares of NYSE ED opened at $103.73 on Friday. The stock has a market cap of $35.97 billion, a price-to-earnings ratio of 19.80, a PEG ratio of 3.05 and a beta of 0.39. The business has a 50 day simple moving average of $94.39 and a 200 day simple moving average of $98.04. Consolidated Edison, Inc. has a 52 week low of $87.16 and a 52 week 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.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.97 by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. On average, research analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be paid a $0.85 dividend. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.28%. Consolidated Edison’s payout ratio is presently 64.89%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ED shares. Scotiabank lifted their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Mizuho lifted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Barclays lifted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research note on Monday, February 24th. UBS Group lifted their target price on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 25th. Finally, Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $101.50.

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.