Intech Investment Management LLC Has $15.64 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Intech Investment Management LLC cut its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 150,208 shares of the utilities provider’s stock after selling 7,817 shares during the quarter. Intech Investment Management LLC’s holdings in Consolidated Edison were worth $15,641,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of ED. Capital Performance Advisors LLP bought a new position in shares of Consolidated Edison in the third quarter valued at $27,000. Beacon Capital Management LLC increased its stake in shares of Consolidated Edison by 2,307.7% during the 1st 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 last quarter. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at about $30,000. Pathway Financial Advisers LLC bought a new position in Consolidated Edison during the first quarter worth about $33,000. Finally, TruNorth Capital Management LLC bought a new stake in Consolidated Edison in the second quarter valued at approximately $33,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

NYSE:ED opened at $98.67 on Friday. The company has a market cap of $34.18 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 3.26 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a fifty day moving average price of $102.14 and a 200-day moving average price of $98.06.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, equities analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is presently 62.52%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ED. Guggenheim lifted their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Barclays reduced their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Bank of America increased their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. UBS Group boosted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Finally, Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $98.35.

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.