Court Place Advisors LLC Sells 300 Shares of Consolidated Edison, Inc. (NYSE:ED)

Court Place Advisors LLC reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 9.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,950 shares of the utilities provider’s stock after selling 300 shares during the quarter. Court Place Advisors LLC’s holdings in Consolidated Edison were worth $307,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Clean Energy Transition LLP boosted its holdings in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after purchasing an additional 548,204 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Consolidated Edison by 302.3% during the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Consolidated Edison by 4,020.5% during the third quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock valued at $42,366,000 after buying an additional 396,985 shares during the period. Finally, AMF Tjanstepension AB raised its stake in Consolidated Edison by 243.2% in the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after buying an additional 352,903 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Down 0.7 %

NYSE ED traded down $0.74 during mid-day trading on Friday, reaching $106.26. The stock had a trading volume of 118,380 shares, compared to its average volume of 1,825,175. The stock has a market cap of $36.75 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. 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 company has a fifty day moving average price of $103.10 and a 200 day moving average price of $96.98.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the business earned $0.61 earnings per share. On average, research analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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%.

Analyst Ratings Changes

Several research firms have weighed in on ED. Barclays lifted their price objective on Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a research report on Monday. Scotiabank lifted their price target on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Wells Fargo & Company upped their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. UBS Group raised their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Finally, Jefferies Financial Group began coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Four investment 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $98.73.

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.