Consolidated Edison, Inc. (NYSE:ED) Holdings Trimmed by Forsta AP Fonden

Forsta AP Fonden lowered its holdings in Consolidated Edison, Inc. (NYSE:ED) by 15.4% in the second quarter, Holdings Channel.com reports. The firm owned 123,200 shares of the utilities provider’s stock after selling 22,400 shares during the period. Forsta AP Fonden’s holdings in Consolidated Edison were worth $11,017,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Beacon Capital Management LLC grew its position in Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares in the last quarter. Tidemark LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at $29,000. Raleigh Capital Management Inc. purchased a new position in shares of Consolidated Edison during the 4th quarter valued at $29,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Consolidated Edison during the 4th quarter valued at $33,000. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison in the first quarter worth $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

NYSE ED opened at $103.38 on Friday. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $105.99. The company has a fifty day simple moving average of $98.42 and a 200 day simple moving average of $93.92. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The company has a market cap of $35.75 billion, a P/E ratio of 19.84, a P/E/G ratio of 3.49 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter last year, the firm posted $0.61 EPS. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s payout ratio is presently 63.72%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ED shares. Barclays boosted their target price on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Bank of America boosted their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Mizuho boosted their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Finally, Morgan Stanley increased their price target on shares of Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research note on Friday, August 23rd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $92.65.

About Consolidated Edison

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.