State of New Jersey Common Pension Fund D Sells 4,541 Shares of Consolidated Edison, Inc. (NYSE:ED)

State of New Jersey Common Pension Fund D cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 3.8% during the fourth quarter, HoldingsChannel reports. The firm owned 115,197 shares of the utilities provider’s stock after selling 4,541 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Consolidated Edison were worth $10,279,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in shares of Consolidated Edison in the third quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new stake in Consolidated Edison during the third quarter worth about $30,000. AlphaMark Advisors LLC acquired a new stake in Consolidated Edison during the fourth quarter worth about $27,000. FSA Wealth Management LLC acquired a new stake in Consolidated Edison during the third quarter worth about $55,000. Finally, CGC Financial Services LLC grew its position in Consolidated Edison by 64.0% during the fourth quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock worth $49,000 after buying an additional 213 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Barclays decreased their target price on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a research report on Monday, January 27th. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their target price for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Mizuho lifted their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley decreased their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $100.70.

Consolidated Edison Stock Up 0.8 %

NYSE ED opened at $95.70 on Wednesday. The company has a market capitalization of $33.15 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 3.04 and a beta of 0.39. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The stock’s 50 day moving average is $91.84 and its two-hundred day moving average is $98.10.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a $0.85 dividend. 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 3.55%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.03%.

Consolidated Edison Profile

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.