Empirical Finance LLC Reduces Holdings in Consolidated Edison, Inc. (NYSE:ED)

Empirical Finance LLC cut its position in Consolidated Edison, Inc. (NYSE:ED) by 1.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,826 shares of the utilities provider’s stock after selling 137 shares during the quarter. Empirical Finance LLC’s holdings in Consolidated Edison were worth $1,055,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its stake in shares of Consolidated Edison by 1,766.0% during 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 during the last quarter. FMR LLC boosted its stake in Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after acquiring an additional 572,530 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Consolidated Edison by 10,262.1% during the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after acquiring an additional 548,204 shares in the last quarter. National Bank of Canada FI increased its position in shares of Consolidated Edison by 350.6% in the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after purchasing an additional 482,953 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Consolidated Edison by 1.7% in the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock valued at $2,439,684,000 after purchasing an additional 399,034 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Trading Up 0.6 %

Consolidated Edison stock opened at $96.64 on Tuesday. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week 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. The firm has a market capitalization of $33.48 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 3.04 and a beta of 0.39. The firm has a 50-day moving average price of $91.96 and a two-hundred day moving average price of $98.18.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders 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 annualized dividend and a dividend yield of 3.52%. Consolidated Edison’s payout ratio is currently 62.52%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Barclays decreased their price target on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research note on Monday, January 27th. Morgan Stanley lowered their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their target price for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Finally, Mizuho raised their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $100.00.

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.