New York State Common Retirement Fund Decreases Position in Consolidated Edison, Inc. (NYSE:ED)

New York State Common Retirement Fund lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 10.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 328,095 shares of the utilities provider’s stock after selling 39,661 shares during the period. New York State Common Retirement Fund’s holdings in Consolidated Edison were worth $29,847,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Foster & Motley Inc. purchased a new position in Consolidated Edison in the 4th quarter worth $365,000. Duality Advisers LP purchased a new position in Consolidated Edison in the 4th quarter worth $2,082,000. Brendel Financial Advisors LLC purchased a new position in Consolidated Edison in the 4th quarter worth $546,000. Commerzbank Aktiengesellschaft FI purchased a new position in Consolidated Edison in the 4th quarter worth $506,000. Finally, Cetera Trust Company N.A purchased a new position in Consolidated Edison in the 4th quarter worth $86,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $94.12 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.44. The business has a 50-day moving average price of $89.41 and a 200 day moving average price of $89.86. The firm has a market cap of $32.52 billion, a PE ratio of 13.11, a P/E/G ratio of 8.79 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same quarter in the previous year, the business earned $0.81 EPS. Consolidated Edison’s revenue for the quarter was down 14.6% compared to the same quarter last year. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.53%. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.24%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ED. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. LADENBURG THALM/SH SH began coverage on Consolidated Edison in a research report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price target on the stock. Royal Bank of Canada cut their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, February 16th. Barclays increased their price target on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. Finally, UBS Group cut their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $87.54.

Consolidated Edison Company 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.