Gabelli Funds LLC cut its holdings in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 3.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 93,500 shares of the utilities provider’s stock after selling 3,000 shares during the period. Gabelli Funds LLC’s holdings in Consolidated Edison were worth $8,452,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Retirement Group LLC lifted its holdings in Consolidated Edison by 74.8% in the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 116 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in Consolidated Edison in the first quarter valued at approximately $28,000. Clear Street Markets LLC lifted its holdings in Consolidated Edison by 261.0% in the fourth quarter. Clear Street Markets LLC now owns 361 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 261 shares during the last quarter. Motco acquired a new position in Consolidated Edison in the second quarter valued at approximately $36,000. Finally, Almanack Investment Partners LLC. acquired a new position in Consolidated Edison in the third quarter valued at approximately $36,000. 64.53% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have commented on ED. StockNews.com began coverage on Consolidated Edison in a research note on Thursday, October 5th. They set a “hold” rating on the stock. KeyCorp decreased their price target on Consolidated Edison from $77.00 to $73.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 18th. Royal Bank of Canada decreased their price target on Consolidated Edison from $97.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Wednesday, September 6th. Morgan Stanley decreased their price target on Consolidated Edison from $75.00 to $71.00 and set an “underweight” rating on the stock in a research note on Wednesday, October 25th. Finally, Argus decreased their price target on Consolidated Edison from $104.00 to $93.00 in a research note on Wednesday, October 4th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $88.00.
Consolidated Edison Stock Performance
Shares of ED stock opened at $90.94 on Tuesday. The stock’s 50-day moving average is $88.64 and its two-hundred day moving average is $91.15. The firm has a market cap of $31.39 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 8.97 and a beta of 0.38. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.92. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.98.
Consolidated Edison Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Tuesday, November 14th. Consolidated Edison’s payout ratio is 48.00%.
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 3.6 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.
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