Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 1.5% during the third quarter, HoldingsChannel.com reports. The fund owned 17,838 shares of the utilities provider’s stock after selling 270 shares during the period. Advisors Asset Management Inc.’s holdings in Consolidated Edison were worth $1,857,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of ED. Clean Energy Transition LLP lifted its stake in Consolidated Edison by 227.9% in the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after acquiring an additional 623,787 shares in the last quarter. International Assets Investment Management LLC boosted its position in Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after purchasing an additional 548,204 shares during the last quarter. Acadian Asset Management LLC grew its stake in Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Consolidated Edison by 4,020.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock worth $42,366,000 after purchasing an additional 396,985 shares during the last quarter. Finally, AMF Tjanstepension AB raised its stake in shares of Consolidated Edison by 243.2% during the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $98.36 on Monday. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month 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 company has a market cap of $34.07 billion, a P/E ratio of 18.52, a P/E/G ratio of 3.32 and a beta of 0.36. The business’s 50 day moving average is $102.01 and its two-hundred day moving average is $98.09.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. On average, equities analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s payout ratio is presently 62.52%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. 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 research note on Friday. Barclays cut their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Bank of America upped their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Jefferies Financial Group initiated coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Finally, UBS Group increased their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $98.19.

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.