Horst & Graben Wealth Management LLC Has $309,000 Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Horst & Graben Wealth Management LLC reduced its stake in Consolidated Edison, Inc. (NYSE:ED) by 6.4% during the 3rd quarter, Holdings Channel reports. The firm owned 2,968 shares of the utilities provider’s stock after selling 203 shares during the period. Horst & Graben Wealth Management LLC’s holdings in Consolidated Edison were worth $309,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ED. Beacon Capital Management LLC raised its holdings in Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Pathway Financial Advisers LLC bought a new position in Consolidated Edison during the first quarter worth about $33,000. TruNorth Capital Management LLC acquired a new position in Consolidated Edison in the second quarter valued at about $33,000. Versant Capital Management Inc increased its holdings in shares of Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 327 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Consolidated Edison during the first quarter worth about $48,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

Shares of ED opened at $106.26 on Tuesday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a 50-day moving average of $102.89 and a 200-day moving average of $96.80. The company has a market cap of $36.75 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.10.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations 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 company posted $0.61 earnings per share. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s payout ratio is presently 63.72%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Scotiabank upped their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Barclays increased their price objective on shares of Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a research report on Monday. UBS Group boosted their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Finally, Wells Fargo & Company upped their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $98.73.

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.