1832 Asset Management L.P. Decreases Position in Consolidated Edison, Inc. (NYSE:ED)

1832 Asset Management L.P. trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 10.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,178 shares of the utilities provider’s stock after selling 3,383 shares during the period. 1832 Asset Management L.P.’s holdings in Consolidated Edison were worth $2,740,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Consolidated Edison by 3.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after buying an additional 12,953 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Consolidated Edison by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after purchasing an additional 7,725 shares during the period. abrdn plc grew its stake in shares of Consolidated Edison by 30.2% in the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after purchasing an additional 72,273 shares during the last quarter. UBS Group AG increased its holdings in Consolidated Edison by 14.7% during the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after purchasing an additional 62,519 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in Consolidated Edison by 169.9% during the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock valued at $5,487,000 after purchasing an additional 37,971 shares during the period. 66.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wells Fargo & Company increased their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Morgan Stanley cut their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Mizuho upped their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Barclays cut shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $97.00 to $92.00 in a research report on Monday, July 22nd. Finally, Scotiabank reduced their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average price target of $89.04.

Consolidated Edison Stock Up 0.5 %

NYSE:ED traded up $0.52 during mid-day trading on Friday, hitting $96.44. 1,438,755 shares of the company’s stock were exchanged, compared to its average volume of 1,490,286. The company has a market cap of $33.35 billion, a PE ratio of 18.51, a P/E/G ratio of 2.44 and a beta of 0.34. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $98.55. The business has a fifty day moving average price of $92.02 and a 200 day moving average price of $91.19.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.83 EPS. Equities analysts predict that Consolidated Edison, Inc. will post 5.32 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.44%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.