WealthTrust Axiom LLC lessened its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,285 shares of the utilities provider’s stock after selling 400 shares during the period. Consolidated Edison comprises 1.1% of WealthTrust Axiom LLC’s portfolio, making the stock its 27th largest position. WealthTrust Axiom LLC’s holdings in Consolidated Edison were worth $3,144,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. FTB Advisors Inc. lifted its holdings in shares of Consolidated Edison by 220.2% in the 2nd quarter. FTB Advisors Inc. now owns 285 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 196 shares during the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Consolidated Edison in the 2nd quarter worth approximately $25,000. Coastal Capital Group Inc. bought a new stake in shares of Consolidated Edison in the 2nd quarter worth approximately $26,000. 1 North Wealth Services LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter worth approximately $28,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter worth approximately $32,000. 59.80% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on ED. KeyCorp raised their price target on Consolidated Edison from $98.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Wells Fargo & Co cut their price target on Consolidated Edison from $95.00 to $94.00 and set a “market perform” rating on the stock in a report on Tuesday. Morgan Stanley cut their price target on Consolidated Edison from $90.00 to $89.00 and set an “underweight” rating on the stock in a report on Thursday, October 17th. UBS Group raised their price target on Consolidated Edison from $96.00 to $98.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, Credit Suisse Group cut their price target on Consolidated Edison from $90.00 to $89.00 and set an “underperform” rating on the stock in a report on Tuesday. Three analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Consolidated Edison presently has an average rating of “Hold” and an average price target of $92.51.
Consolidated Edison stock traded up $0.70 during mid-day trading on Friday, hitting $87.92. 1,363,518 shares of the company’s stock traded hands, compared to its average volume of 1,794,438. The firm has a 50 day moving average price of $92.28 and a 200 day moving average price of $88.68. The company has a quick ratio of 0.56, a current ratio of 0.58 and a debt-to-equity ratio of 1.01. The company has a market cap of $29.36 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 10.23 and a beta of 0.04. Consolidated Edison, Inc. has a one year low of $73.29 and a one year high of $94.97.
Consolidated Edison (NYSE:ED) last announced its earnings results on Monday, November 4th. The utilities provider reported $1.54 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.04). The business had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.50 billion. Consolidated Edison had a net margin of 10.98% and a return on equity of 7.92%. During the same period in the previous year, the firm earned $1.57 EPS. On average, analysts expect that Consolidated Edison, Inc. will post 4.32 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 3.37%. The ex-dividend date is Tuesday, November 12th. Consolidated Edison’s payout ratio is currently 68.52%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
Further Reading: Hold Rating
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