Man Group plc Decreases Position in Consolidated Edison, Inc. (NYSE:ED)

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Man Group plc decreased its stake in Consolidated Edison, Inc. (NYSE:ED) by 23.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 281,872 shares of the utilities provider’s stock after selling 86,258 shares during the quarter. Man Group plc’s holdings in Consolidated Edison were worth $26,628,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in Consolidated Edison by 7.5% during the second quarter. BlackRock Inc. now owns 31,370,484 shares of the utilities provider’s stock valued at $2,750,563,000 after buying an additional 2,198,264 shares in the last quarter. Vanguard Group Inc. raised its stake in Consolidated Edison by 3.0% during the second quarter. Vanguard Group Inc. now owns 26,943,155 shares of the utilities provider’s stock valued at $2,362,375,000 after buying an additional 781,260 shares in the last quarter. State Street Corp raised its stake in Consolidated Edison by 1.5% during the third quarter. State Street Corp now owns 21,918,213 shares of the utilities provider’s stock valued at $2,070,614,000 after buying an additional 326,946 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Consolidated Edison by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 4,314,031 shares of the utilities provider’s stock valued at $378,253,000 after buying an additional 26,528 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Consolidated Edison by 2.2% during the second quarter. Northern Trust Corp now owns 4,281,864 shares of the utilities provider’s stock valued at $375,435,000 after buying an additional 94,113 shares in the last quarter. 59.93% of the stock is owned by institutional investors.

ED has been the topic of several research reports. Morgan Stanley cut their price objective on Consolidated Edison from $90.00 to $89.00 and set an “underweight” rating on the stock in a research note on Thursday, October 17th. Mizuho upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the company from $93.00 to $98.00 in a research note on Friday, October 25th. Wells Fargo & Co upped their price objective on Consolidated Edison from $94.00 to $95.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. KeyCorp upped their price objective on Consolidated Edison from $98.00 to $100.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Finally, Barclays cut Consolidated Edison from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $95.00 to $88.00 in a research note on Wednesday, November 27th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $91.51.

NYSE:ED opened at $86.89 on Monday. The firm has a market capitalization of $28.88 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 10.06 and a beta of 0.02. The stock has a 50 day moving average of $89.64 and a 200-day moving average of $88.89. Consolidated Edison, Inc. has a 52 week low of $73.29 and a 52 week high of $94.97. The company has a current ratio of 0.58, a quick ratio of 0.52 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last posted its earnings results on Monday, November 4th. The utilities provider reported $1.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.58 by ($0.04). The company had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.50 billion. Consolidated Edison had a net margin of 10.98% and a return on equity of 7.92%. During the same period last year, the company posted $1.57 earnings per share. As a group, analysts predict that Consolidated Edison, Inc. will post 4.32 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Tuesday, November 12th. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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