L & S Advisors Inc lessened its stake in Consolidated Edison, Inc. (NYSE:ED) by 8.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,628 shares of the utilities provider’s stock after selling 2,461 shares during the quarter. L & S Advisors Inc’s holdings in Consolidated Edison were worth $2,422,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of ED. M Holdings Securities Inc. acquired a new stake in shares of Consolidated Edison during the 1st quarter worth approximately $1,611,000. NEXT Financial Group Inc grew its position in shares of Consolidated Edison by 682.1% during the 2nd quarter. NEXT Financial Group Inc now owns 23,266 shares of the utilities provider’s stock worth $2,040,000 after buying an additional 20,291 shares during the period. Fagan Associates Inc. acquired a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $201,000. OLD National Bancorp IN grew its position in shares of Consolidated Edison by 6.1% during the 2nd quarter. OLD National Bancorp IN now owns 31,367 shares of the utilities provider’s stock worth $2,750,000 after buying an additional 1,811 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in shares of Consolidated Edison by 1,852.3% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 103,607 shares of the utilities provider’s stock worth $9,084,000 after buying an additional 98,300 shares during the period. Hedge funds and other institutional investors own 59.67% of the company’s stock.
ED traded down $0.29 during trading on Friday, reaching $89.90. The company had a trading volume of 11,945 shares, compared to its average volume of 1,597,094. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.62 and a quick ratio of 0.56. Consolidated Edison, Inc. has a 12 month low of $73.29 and a 12 month high of $91.58. The business’s fifty day moving average price is $87.69 and its 200 day moving average price is $86.39. The company has a market cap of $29.87 billion, a P/E ratio of 20.84, a PEG ratio of 10.30 and a beta of 0.08.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Tuesday, August 13th. Consolidated Edison’s payout ratio is currently 68.52%.
Several equities research analysts have recently commented on ED shares. Credit Suisse Group lowered their price target on shares of Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. KeyCorp started coverage on shares of Consolidated Edison in a report on Tuesday, June 4th. They set a “sector weight” rating for the company. Barclays restated a “hold” rating and set a $90.00 price objective on shares of Consolidated Edison in a report on Thursday, June 20th. ValuEngine cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Morgan Stanley decreased their price objective on shares of Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a report on Friday, August 16th. Three investment 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 $84.73.
About Consolidated Edison
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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