Moors & Cabot Inc. Has $2.25 Million Stake in Consolidated Edison, Inc. (NYSE:ED)

Moors & Cabot Inc. lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.8% in the third quarter, Holdings Channel.com reports. The firm owned 21,566 shares of the utilities provider’s stock after selling 628 shares during the period. Moors & Cabot Inc.’s holdings in Consolidated Edison were worth $2,246,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Retirement Planning Co of New England Inc. boosted its stake in shares of Consolidated Edison by 4.2% in the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after buying an additional 100 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Consolidated Edison by 13.0% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 100 shares during the period. Brookstone Capital Management raised its holdings in Consolidated Edison by 0.6% during the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after acquiring an additional 136 shares during the period. Checchi Capital Advisers LLC raised its holdings in Consolidated Edison by 2.6% during the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock valued at $503,000 after acquiring an additional 141 shares during the period. Finally, Center For Asset Management LLC raised its holdings in Consolidated Edison by 3.5% during the 2nd quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock valued at $390,000 after acquiring an additional 147 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the topic of several research analyst reports. Barclays decreased their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Scotiabank upped their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Guggenheim upped their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $98.35.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $97.88 on Thursday. The company has a market capitalization of $33.91 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 3.24 and a beta of 0.36. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The firm’s 50-day moving average is $102.23 and its 200 day moving average is $98.06. 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 (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Research analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.39%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

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.