Rodgers Brothers Inc. lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,899 shares of the utilities provider’s stock after selling 500 shares during the quarter. Rodgers Brothers Inc.’s holdings in Consolidated Edison were worth $1,638,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. West Financial Advisors LLC acquired a new position in Consolidated Edison in the fourth quarter valued at about $29,000. Kelly Lawrence W & Associates Inc. CA purchased a new stake in Consolidated Edison during the first quarter worth about $32,000. Retirement Group LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $32,000. CSat Investment Advisory L.P. increased its stake in shares of Consolidated Edison by 49.1% during the first quarter. CSat Investment Advisory L.P. now owns 477 shares of the utilities provider’s stock worth $36,000 after buying an additional 157 shares during the period. Finally, TCI Wealth Advisors Inc. increased its stake in shares of Consolidated Edison by 44.3% during the first quarter. TCI Wealth Advisors Inc. now owns 482 shares of the utilities provider’s stock worth $36,000 after buying an additional 148 shares during the period. 60.55% of the stock is currently owned by hedge funds and other institutional investors.
ED stock traded up $0.03 during midday trading on Thursday, hitting $72.81. 40,148 shares of the company’s stock were exchanged, compared to its average volume of 1,981,226. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12-month low of $65.56 and a 12-month high of $83.92. The business has a 50 day moving average of $75.57. The firm has a market capitalization of $24.97 billion, a PE ratio of 21.47, a price-to-earnings-growth ratio of 8.68 and a beta of 0.16.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 15th. Shareholders of record on Wednesday, August 18th will be given a dividend of $0.775 per share. The ex-dividend date is Tuesday, August 17th. This represents a $3.10 dividend on an annualized basis and a yield of 4.26%. Consolidated Edison’s dividend payout ratio (DPR) is presently 74.16%.
ED has been the topic of a number of recent research reports. Mizuho upped their target price on shares of Consolidated Edison from $68.00 to $78.00 and gave the stock a “neutral” rating in a research note on Monday, June 14th. Credit Suisse Group upped their price target on Consolidated Edison from $65.00 to $74.00 and gave the company an “underperform” rating in a report on Thursday, April 29th. Morgan Stanley lowered their price target on Consolidated Edison from $73.00 to $72.00 and set an “underweight” rating for the company in a report on Tuesday. KeyCorp downgraded Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $66.00 price target for the company. in a report on Tuesday. Finally, Barclays upped their price target on Consolidated Edison from $69.00 to $75.00 and gave the company an “underweight” rating in a report on Tuesday, May 25th. Six analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Consolidated Edison has an average rating of “Sell” and an average target price of $75.00.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in the 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 1,576 customers in parts of Manhattan.
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