Martingale Asset Management L P Lowers Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Martingale Asset Management L P cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 9.3% during the third quarter, Holdings Channel reports. The firm owned 150,902 shares of the utilities provider’s stock after selling 15,495 shares during the quarter. Martingale Asset Management L P’s holdings in Consolidated Edison were worth $15,713,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in Consolidated Edison in the 3rd quarter worth approximately $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Consolidated Edison during the 3rd quarter worth approximately $30,000. Pathway Financial Advisers LLC purchased a new stake in shares of Consolidated Edison during the 1st quarter worth approximately $33,000. TruNorth Capital Management LLC purchased a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $33,000. Finally, Versant Capital Management Inc raised its holdings in shares of Consolidated Edison by 380.2% during 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 in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $101.58 on Friday. The firm has a market cap of $35.19 billion, a P/E ratio of 19.13, a P/E/G ratio of 3.41 and a beta of 0.36. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The stock’s fifty day moving average price is $101.80 and its 200-day moving average price is $98.17.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. On average, equities research analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is currently 62.52%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ED shares. Jefferies Financial Group started coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Bank of America increased their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company increased their price target on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Scotiabank increased their price target on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus price target of $98.19.

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.