Leavell Investment Management Inc. lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 4.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,326 shares of the utilities provider’s stock after selling 144 shares during the quarter. Leavell Investment Management Inc.’s holdings in Consolidated Edison were worth $259,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Ropes Wealth Advisors LLC raised its position in Consolidated Edison by 63.9% in the third quarter. Ropes Wealth Advisors LLC now owns 336 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 131 shares during the period. Hoover Financial Advisors Inc. purchased a new position in Consolidated Edison in the second quarter valued at about $27,000. TRUE Private Wealth Advisors raised its position in Consolidated Edison by 33.5% in the third quarter. TRUE Private Wealth Advisors now owns 534 shares of the utilities provider’s stock valued at $41,000 after purchasing an additional 134 shares during the period. TCTC Holdings LLC purchased a new position in Consolidated Edison in the second quarter valued at about $44,000. Finally, Northwest Investment Counselors LLC purchased a new position in Consolidated Edison in the third quarter valued at about $58,000. Hedge funds and other institutional investors own 59.08% of the company’s stock.
Shares of Consolidated Edison stock opened at $80.16 on Thursday. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.04. The firm has a market cap of $26.81 billion, a P/E ratio of 20.09, a P/E/G ratio of 9.53 and a beta of 0.14. Consolidated Edison, Inc. has a fifty-two week low of $62.03 and a fifty-two week high of $95.10. The business has a 50-day moving average price of $78.17 and a 200 day moving average price of $75.90.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 6th. The utilities provider reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.07. Consolidated Edison had a return on equity of 7.92% and a net margin of 10.86%. The company had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.81 billion. During the same period in the previous year, the firm posted $0.58 earnings per share. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 4.23 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Wednesday, November 18th will be paid a $0.765 dividend. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $3.06 dividend on an annualized basis and a yield of 3.82%. Consolidated Edison’s payout ratio is currently 70.02%.
Several research analysts have commented on ED shares. Credit Suisse Group raised Consolidated Edison from an “underperform” rating to a “neutral” rating in a research report on Monday, August 10th. Mizuho dropped their target price on Consolidated Edison from $78.00 to $73.50 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. The Goldman Sachs Group lowered Consolidated Edison from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $86.00 to $78.00 in a research report on Monday, October 19th. Guggenheim raised Consolidated Edison from a “sell” rating to a “neutral” rating and set a $73.00 target price on the stock in a research report on Monday, September 14th. Finally, Bank of America lowered Consolidated Edison from a “buy” rating to a “neutral” rating and set a $82.00 target price on the stock. in a research report on Thursday, October 15th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $77.64.
Consolidated Edison Company Profile
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 1,589 customers in parts of Manhattan.
See Also: How to invest using market indexes
Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:ED).
Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.