Northwestern Mutual Investment Management Company LLC Reduces Position in Consolidated Edison Inc (NYSE:ED)

Northwestern Mutual Investment Management Company LLC decreased its position in shares of Consolidated Edison Inc (NYSE:ED) by 81.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,606 shares of the utilities provider’s stock after selling 50,060 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Consolidated Edison were worth $934,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. raised its holdings in Consolidated Edison by 1,771.1% in the 1st quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after buying an additional 22,816,233 shares during the last quarter. Bank of New York Mellon Corp increased its position in Consolidated Edison by 34.1% during the 1st quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock valued at $270,138,000 after purchasing an additional 884,788 shares during the period. Vanguard Group Inc. increased its position in Consolidated Edison by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after purchasing an additional 725,857 shares during the period. Renaissance Technologies LLC increased its position in Consolidated Edison by 145.9% during the 1st quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after purchasing an additional 699,200 shares during the period. Finally, Morgan Stanley increased its position in Consolidated Edison by 28.0% during the 1st quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock valued at $230,778,000 after purchasing an additional 649,615 shares during the period. 55.09% of the stock is owned by hedge funds and other institutional investors.

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Shares of Consolidated Edison Inc (NYSE ED) remained flat at $84.51 during midday trading on Friday. The stock had a trading volume of 805,111 shares. The firm’s 50-day moving average is $83.74 and its 200-day moving average is $80.92. The firm has a market cap of $25.83 billion, a PE ratio of 20.45 and a beta of 0.09. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $86.16.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period in the previous year, the company earned $0.60 earnings per share. Equities analysts predict that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a yield of 3.27%. Consolidated Edison’s payout ratio is currently 66.67%.

In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the transaction, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders acquired 471 shares of company stock valued at $39,202. 0.20% of the stock is currently owned by corporate insiders.

A number of analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub raised shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Finally, Morgan Stanley raised their price objective on shares of Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a research report on Thursday, August 10th. Four equities research 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. Consolidated Edison currently has a consensus rating of “Hold” and an average target price of $77.88.

Consolidated Edison Company Profile

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

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

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