Western Wealth Management LLC lifted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 1,515.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 173,109 shares of the utilities provider’s stock after purchasing an additional 162,393 shares during the quarter. Consolidated Edison comprises approximately 1.9% of Western Wealth Management LLC’s holdings, making the stock its 15th biggest position. Western Wealth Management LLC’s holdings in Consolidated Edison were worth $14,424,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of ED. 6 Meridian lifted its holdings in Consolidated Edison by 1.9% during the 2nd quarter. 6 Meridian now owns 6,295 shares of the utilities provider’s stock worth $552,000 after purchasing an additional 117 shares during the last quarter. OLD National Bancorp IN raised its holdings in Consolidated Edison by 0.5% in the 1st quarter. OLD National Bancorp IN now owns 29,556 shares of the utilities provider’s stock valued at $2,506,000 after acquiring an additional 136 shares in the last quarter. Round Table Services LLC raised its holdings in Consolidated Edison by 2.3% in the 2nd quarter. Round Table Services LLC now owns 6,140 shares of the utilities provider’s stock valued at $538,000 after acquiring an additional 138 shares in the last quarter. Carnegie Capital Asset Management LLC raised its holdings in Consolidated Edison by 2.5% in the 2nd quarter. Carnegie Capital Asset Management LLC now owns 5,566 shares of the utilities provider’s stock valued at $488,000 after acquiring an additional 138 shares in the last quarter. Finally, Trust Co. of Vermont raised its holdings in Consolidated Edison by 1.3% in the 2nd quarter. Trust Co. of Vermont now owns 10,553 shares of the utilities provider’s stock valued at $926,000 after acquiring an additional 140 shares in the last quarter. Institutional investors own 59.29% of the company’s stock.
Shares of ED traded down $0.72 during midday trading on Friday, hitting $87.52. The company’s stock had a trading volume of 110,392 shares, compared to its average volume of 1,544,177. Consolidated Edison, Inc. has a one year low of $73.29 and a one year high of $90.51. The company’s fifty day simple moving average is $87.32 and its two-hundred day simple moving average is $85.34. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $29.41 billion, a price-to-earnings ratio of 20.27, a price-to-earnings-growth ratio of 10.11 and a beta of 0.10.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $2.96 annualized dividend and a dividend yield of 3.38%. Consolidated Edison’s payout ratio is 68.52%.
Several equities analysts have weighed in on the company. KeyCorp assumed coverage on Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating for the company. Credit Suisse Group dropped their price objective on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley dropped their price objective on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a report on Friday, August 16th. Finally, Barclays reaffirmed a “hold” rating and issued a $90.00 price objective on shares of Consolidated Edison in a report on Thursday, June 20th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $84.73.
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 1,622 customers in parts of Manhattan.
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