First Trust Direct Indexing L.P. Has $1.50 Million Stake in Consolidated Edison, Inc. (NYSE:ED)

First Trust Direct Indexing L.P. reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 8.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,567 shares of the utilities provider’s stock after selling 1,499 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Consolidated Edison were worth $1,504,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Financial Gravity Asset Management Inc. increased its holdings in Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth about $29,000. Raleigh Capital Management Inc. acquired a new stake in Consolidated Edison in the 4th quarter valued at approximately $29,000. Tidemark LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at approximately $29,000. Finally, Bruce G. Allen Investments LLC bought a new stake in Consolidated Edison in the 4th quarter valued at approximately $31,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED traded down $0.26 during mid-day trading on Thursday, reaching $88.71. The company’s stock had a trading volume of 922,354 shares, compared to its average volume of 1,524,099. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The stock has a market cap of $30.68 billion, a P/E ratio of 17.03, a PEG ratio of 2.26 and a beta of 0.34. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $98.85. The business has a 50-day simple moving average of $93.31 and a two-hundred day simple moving average of $91.07.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the previous year, the business posted $1.83 earnings per share. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were issued a $0.83 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.74%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Analyst Ratings Changes

Several brokerages have recently weighed in on ED. Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Scotiabank reduced their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Morgan Stanley lowered their target price on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. Finally, Mizuho increased their price target on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $89.27.

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.