Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 8.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,600 shares of the utilities provider’s stock after selling 333 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Consolidated Edison were worth $322,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quent Capital LLC increased its stake in shares of Consolidated Edison by 81.8% in the 2nd quarter. Quent Capital LLC now owns 1,742 shares of the utilities provider’s stock worth $156,000 after acquiring an additional 784 shares during the last quarter. Versant Capital Management Inc increased its stake in shares of Consolidated Edison by 380.2% in the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 327 shares during the last quarter. DNB Asset Management AS increased its position in shares of Consolidated Edison by 7.3% during the 2nd quarter. DNB Asset Management AS now owns 79,650 shares of the utilities provider’s stock worth $7,122,000 after purchasing an additional 5,452 shares during the last quarter. Hudson Valley Investment Advisors Inc. ADV increased its position in shares of Consolidated Edison by 27.9% during the 2nd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 3,654 shares of the utilities provider’s stock worth $343,000 after purchasing an additional 798 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Consolidated Edison by 38.8% during the 2nd quarter. GAMMA Investing LLC now owns 4,976 shares of the utilities provider’s stock worth $445,000 after purchasing an additional 1,391 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ED has been the subject of a number of recent analyst reports. Guggenheim raised their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday. Argus raised Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Mizuho raised their price objective on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Scotiabank cut their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Finally, Bank of America raised their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday. Four 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. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average price target of $91.81.

Consolidated Edison Stock Up 0.2 %

Shares of ED traded up $0.19 during midday trading on Tuesday, hitting $100.89. The company had a trading volume of 1,697,420 shares, compared to its average volume of 1,892,068. The company’s 50-day simple moving average is $92.49 and its 200-day simple moving average is $91.52. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The firm has a market capitalization of $34.89 billion, a P/E ratio of 19.36, a P/E/G 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.

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

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

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.