Los Angeles Capital Management LLC Sells 8,606 Shares of Consolidated Edison, Inc. (NYSE:ED)

Los Angeles Capital Management LLC lessened its position in Consolidated Edison, Inc. (NYSE:ED) by 3.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 263,170 shares of the utilities provider’s stock after selling 8,606 shares during the period. Los Angeles Capital Management LLC’s holdings in Consolidated Edison were worth $23,941,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ED. Dakota Wealth Management bought a new position in shares of Consolidated Edison during the 3rd quarter valued at approximately $617,000. Raymond James Financial Services Advisors Inc. raised its position in shares of Consolidated Edison by 6.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 110,604 shares of the utilities provider’s stock valued at $9,460,000 after purchasing an additional 6,715 shares during the period. Stratos Wealth Partners LTD. lifted its stake in shares of Consolidated Edison by 43.2% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 9,764 shares of the utilities provider’s stock valued at $835,000 after buying an additional 2,944 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its holdings in Consolidated Edison by 2.8% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 169,600 shares of the utilities provider’s stock worth $14,506,000 after buying an additional 4,600 shares during the period. Finally, Forsta AP Fonden increased its stake in Consolidated Edison by 3.0% in the 3rd quarter. Forsta AP Fonden now owns 135,700 shares of the utilities provider’s stock worth $11,606,000 after buying an additional 3,900 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the topic of a number of research analyst reports. Royal Bank of Canada lowered their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Wells Fargo & Company upped their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday. UBS Group decreased their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Barclays upped their price objective on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Finally, Scotiabank decreased their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $87.75.

Consolidated Edison Trading Up 0.3 %

ED stock traded up $0.31 during midday trading on Friday, reaching $95.56. The company’s stock had a trading volume of 2,465,195 shares, compared to its average volume of 2,284,421. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The stock has a fifty day simple moving average of $90.06 and a two-hundred day simple moving average of $90.08. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.44. The firm has a market capitalization of $33.02 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 8.97 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.86% and a net margin of 12.43%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same quarter last year, the firm posted $1.83 earnings per share. The business’s revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.47%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.