Kovitz Investment Group Partners LLC Trims Position in Consolidated Edison, Inc. (NYSE:ED)

Kovitz Investment Group Partners LLC cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 14.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,850 shares of the utilities provider’s stock after selling 500 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Consolidated Edison were worth $222,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Jacobi Capital Management LLC raised its position in Consolidated Edison by 20.0% during the 3rd quarter. Jacobi Capital Management LLC now owns 780 shares of the utilities provider’s stock worth $61,000 after buying an additional 130 shares during the last quarter. Ropes Wealth Advisors LLC grew its stake in shares of Consolidated Edison by 63.9% during the 3rd quarter. Ropes Wealth Advisors LLC now owns 336 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 131 shares during the period. HawsGoodwin Investment Management LLC grew its stake in shares of Consolidated Edison by 1.1% during the 3rd quarter. HawsGoodwin Investment Management LLC now owns 12,476 shares of the utilities provider’s stock worth $971,000 after purchasing an additional 131 shares during the period. Shulman DeMeo Asset Management LLC grew its stake in shares of Consolidated Edison by 1.9% during the 3rd quarter. Shulman DeMeo Asset Management LLC now owns 7,021 shares of the utilities provider’s stock worth $546,000 after purchasing an additional 133 shares during the period. Finally, TRUE Private Wealth Advisors grew its stake in shares of Consolidated Edison by 33.5% during the 3rd quarter. TRUE Private Wealth Advisors now owns 534 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 134 shares during the period. 56.36% of the stock is owned by institutional investors.

Shares of ED opened at $77.39 on Friday. Consolidated Edison, Inc. has a 52-week low of $62.03 and a 52-week high of $95.10. The company has a quick ratio of 0.54, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The firm’s fifty day moving average is $80.64 and its two-hundred day moving average is $75.34. The stock has a market cap of $25.91 billion, a PE ratio of 19.16, a price-to-earnings-growth ratio of 9.79 and a beta of 0.16.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 5th. The utilities provider reported $1.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.51 by ($0.03). Consolidated Edison had a return on equity of 7.77% and a net margin of 11.06%. During the same quarter last year, the firm posted $1.54 EPS. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 4.22 earnings per share for the current year.

The firm 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 dividend of $0.765 per share. The ex-dividend date is Tuesday, November 17th. This represents a $3.06 annualized dividend and a yield of 3.95%. Consolidated Edison’s dividend payout ratio (DPR) is presently 70.02%.

A number of equities research analysts have recently commented on ED shares. Bank of America cut shares of Consolidated Edison from a “buy” rating to a “neutral” rating and set a $82.00 price objective on the stock. in a research note on Thursday, October 15th. Mizuho raised their price objective on shares of Consolidated Edison from $72.00 to $83.00 and gave the stock a “neutral” rating in a research note on Thursday, November 12th. They noted that the move was a valuation call. Barclays raised their price objective on shares of Consolidated Edison from $74.00 to $83.00 and gave the stock an “underweight” rating in a research note on Wednesday. Credit Suisse Group lifted their price target on shares of Consolidated Edison from $78.00 to $81.00 and gave the company a “neutral” rating in a research note on Wednesday, November 4th. Finally, Morgan Stanley lifted their price target on shares of Consolidated Edison from $79.00 to $82.00 and gave the company an “underweight” rating in a research note on Tuesday, November 17th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $80.11.

Consolidated Edison 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.

Read More: Cost of Equity For A Business, Investors

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

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