TFG Advisers LLC Reduces Position in Consolidated Edison, Inc. (NYSE:ED)

TFG Advisers LLC lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,169 shares of the utilities provider’s stock after selling 233 shares during the quarter. TFG Advisers LLC’s holdings in Consolidated Edison were worth $283,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of ED. Beacon Capital Management LLC raised its position in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares during the last quarter. Tidemark LLC acquired a new stake in Consolidated Edison during the 4th quarter worth about $29,000. Raleigh Capital Management Inc. purchased a new position in shares of Consolidated Edison during the 4th quarter valued at about $29,000. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Consolidated Edison in the 4th quarter valued at about $33,000. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison in the 1st quarter valued at about $33,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE ED traded up $0.44 during trading on Monday, hitting $101.04. 304,431 shares of the company were exchanged, compared to its average volume of 1,873,700. The company has a market cap of $34.94 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 2.56 and a beta of 0.34. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $105.99. The firm’s fifty day moving average price is $94.83 and its 200 day moving average price is $92.56. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the previous year, the company posted $0.61 EPS. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th 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 3.29%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s payout ratio is currently 63.72%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. 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 note on Tuesday, August 20th. Morgan Stanley lifted their price objective on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research report on Friday. Argus raised Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Mizuho boosted their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Finally, Barclays lifted their target price on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $92.65.

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.