Arizona State Retirement System Cuts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Arizona State Retirement System cut its stake in shares of Consolidated Edison, Inc. (NYSE:EDFree Report) by 0.9% in the third quarter, HoldingsChannel.com reports. The fund owned 98,089 shares of the utilities provider’s stock after selling 939 shares during the period. Arizona State Retirement System’s holdings in Consolidated Edison were worth $8,390,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Roundview Capital LLC acquired a new stake in Consolidated Edison during the 1st quarter worth $680,000. Dimensional Fund Advisors LP raised its holdings in Consolidated Edison by 22.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,030,616 shares of the utilities provider’s stock valued at $97,579,000 after acquiring an additional 190,138 shares during the last quarter. Sei Investments Co. lifted its stake in Consolidated Edison by 54.4% in the 1st quarter. Sei Investments Co. now owns 18,204 shares of the utilities provider’s stock worth $1,693,000 after purchasing an additional 6,412 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Consolidated Edison by 1.3% during the 1st quarter. Cetera Investment Advisers now owns 19,489 shares of the utilities provider’s stock worth $1,845,000 after purchasing an additional 254 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Consolidated Edison in the first quarter valued at approximately $214,000. 64.53% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Up 0.1 %

ED stock opened at $90.68 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.98 and a quick ratio of 0.91. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $100.92. The firm has a market capitalization of $31.30 billion, a PE ratio of 13.43, a P/E/G ratio of 8.57 and a beta of 0.36. The company’s 50 day simple moving average is $91.03 and its 200-day simple moving average is $90.22.

Consolidated Edison (NYSE:EDGet Free Report) last posted its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. Consolidated Edison had a return on equity of 8.16% and a net margin of 15.57%. The firm had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $3.82 billion. Equities analysts expect that Consolidated Edison, Inc. will post 5.03 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Wednesday, February 14th will be paid a $0.83 dividend. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a yield of 3.66%. The ex-dividend date of this dividend is Tuesday, February 13th. Consolidated Edison’s dividend payout ratio is presently 48.00%.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of research reports. Wells Fargo & Company upgraded Consolidated Edison from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $96.00 to $94.00 in a research note on Tuesday, October 17th. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a research note on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price target on the stock. KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Guggenheim dropped their price objective on shares of Consolidated Edison from $85.00 to $82.00 in a report on Monday, October 9th. Finally, Morgan Stanley increased their target price on shares of Consolidated Edison from $71.00 to $73.00 and gave the stock an “underweight” rating in a report on Tuesday, November 21st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $88.46.

Read Our Latest Analysis on ED

Consolidated Edison Profile

(Free Report)

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 3.6 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.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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