Franklin Resources Inc. Has $31.14 Million Holdings in Consolidated Edison, Inc. (NYSE:ED)

Franklin Resources Inc. cut its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 20.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 302,231 shares of the utilities provider’s stock after selling 79,908 shares during the period. Franklin Resources Inc. owned about 0.09% of Consolidated Edison worth $31,142,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ED. Point72 Asset Management L.P. raised its stake in shares of Consolidated Edison by 1,766.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after buying an additional 935,962 shares in the last quarter. Clean Energy Transition LLP raised its position in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after purchasing an additional 623,787 shares in the last quarter. FMR LLC raised its position in Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after purchasing an additional 572,530 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after purchasing an additional 548,204 shares during the period. Finally, Acadian Asset Management LLC boosted its holdings in Consolidated Edison by 302.3% during the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Trading Down 2.2 %

ED stock opened at $88.87 on Thursday. The business has a fifty day moving average of $99.32 and a 200-day moving average of $98.12. The company has a market cap of $30.79 billion, a P/E ratio of 16.74, a PEG ratio of 3.11 and a beta of 0.36. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $4.02 billion. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.74%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison’s payout ratio is 62.52%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ED shares. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Morgan Stanley reduced their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price target for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Finally, Barclays decreased their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $99.96.

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.