Consolidated Edison, Inc. (NYSE:ED) Position Cut by Holderness Investments Co.

Holderness Investments Co. trimmed its holdings in Consolidated Edison, Inc. (NYSE:ED) by 11.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,975 shares of the utilities provider’s stock after selling 375 shares during the quarter. Holderness Investments Co.’s holdings in Consolidated Edison were worth $265,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. United Bank acquired a new position in shares of Consolidated Edison in the 3rd quarter worth $227,000. Empowered Funds LLC grew its stake in Consolidated Edison by 7.6% in the third quarter. Empowered Funds LLC now owns 5,785 shares of the utilities provider’s stock valued at $602,000 after purchasing an additional 409 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in Consolidated Edison by 11.8% in the third quarter. Thrivent Financial for Lutherans now owns 35,104 shares of the utilities provider’s stock worth $3,655,000 after buying an additional 3,716 shares during the last quarter. Pathstone Holdings LLC raised its holdings in shares of Consolidated Edison by 10.2% during the 3rd quarter. Pathstone Holdings LLC now owns 37,528 shares of the utilities provider’s stock valued at $3,908,000 after purchasing an additional 3,475 shares in the last quarter. Finally, Caprock Group LLC lifted its position in shares of Consolidated Edison by 30.6% in the third quarter. Caprock Group LLC now owns 4,426 shares of the utilities provider’s stock worth $461,000 after buying an additional 1,038 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on ED shares. Barclays boosted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday, February 24th. UBS Group lifted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday. Morgan Stanley boosted their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday. Scotiabank increased their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Finally, Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report 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 issued a strong buy rating to the stock. According to data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average price target of $102.40.

Consolidated Edison Stock Performance

ED stock opened at $107.85 on Friday. The firm has a market cap of $37.40 billion, a PE ratio of 20.58, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a 1-year low of $87.16 and a 1-year high of $109.36. The stock has a 50-day moving average price of $97.91 and a 200-day moving average price of $98.44. 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 data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.15%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.89%.

Consolidated Edison 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.