Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Krane Funds Advisors LLC

Krane Funds Advisors LLC trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 38.5% in the third quarter, HoldingsChannel.com reports. The firm owned 3,067 shares of the utilities provider’s stock after selling 1,920 shares during the quarter. Krane Funds Advisors LLC’s holdings in Consolidated Edison were worth $319,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Beacon Capital Management LLC increased its holdings in shares of Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after buying an additional 300 shares in the last quarter. Pathway Financial Advisers LLC acquired a new stake in Consolidated Edison during the 1st quarter worth about $33,000. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison in the second quarter worth about $33,000. Versant Capital Management Inc raised its holdings in shares of Consolidated Edison by 380.2% during the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 327 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new position in Consolidated Edison during the 1st quarter worth approximately $48,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Performance

NYSE:ED opened at $105.82 on Tuesday. The firm has a market capitalization of $36.60 billion, a PE ratio of 20.40, a PEG ratio of 3.46 and a beta of 0.36. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.10. The firm’s fifty day simple moving average is $102.89 and its 200 day simple moving average is $96.80.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the company posted $0.61 earnings per share. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced 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 3.14%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Guggenheim raised their target price on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Bank of America increased their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Morgan Stanley boosted their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Finally, Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $98.73.

About Consolidated Edison

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.