Powell Investment Advisors LLC cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,927 shares of the utilities provider’s stock after selling 200 shares during the quarter. Powell Investment Advisors LLC’s holdings in Consolidated Edison were worth $356,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. raised its position in shares of Consolidated Edison by 0.9% during the third quarter. BlackRock Inc. now owns 33,681,090 shares of the utilities provider’s stock valued at $2,620,387,000 after buying an additional 298,559 shares during the last quarter. State Street Corp increased its stake in Consolidated Edison by 4.1% during the third quarter. State Street Corp now owns 22,687,615 shares of the utilities provider’s stock valued at $1,765,096,000 after acquiring an additional 898,371 shares during the period. UBS Asset Management Americas Inc. raised its holdings in Consolidated Edison by 5.9% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 2,966,988 shares of the utilities provider’s stock valued at $230,832,000 after acquiring an additional 165,069 shares in the last quarter. ProShare Advisors LLC raised its holdings in Consolidated Edison by 27.0% in the 3rd quarter. ProShare Advisors LLC now owns 1,277,749 shares of the utilities provider’s stock valued at $99,409,000 after acquiring an additional 271,452 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Consolidated Edison by 0.5% in the 3rd quarter. Morgan Stanley now owns 1,099,229 shares of the utilities provider’s stock worth $85,520,000 after acquiring an additional 5,065 shares during the period. 56.36% of the stock is owned by institutional investors.
NYSE ED opened at $69.61 on Thursday. The company has a market capitalization of $23.31 billion, a PE ratio of 17.23, a price-to-earnings-growth ratio of 8.32 and a beta of 0.12. The company has a 50-day simple moving average of $72.64 and a 200 day simple moving average of $75.29. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.54 and a current ratio of 0.59. Consolidated Edison, Inc. has a 52-week low of $62.03 and a 52-week high of $95.10.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 15th. Shareholders of record on Wednesday, November 18th were paid a dividend of $0.765 per share. This represents a $3.06 annualized dividend and a yield of 4.40%. The ex-dividend date was Tuesday, November 17th. Consolidated Edison’s payout ratio is presently 70.02%.
Several brokerages recently commented on ED. Mizuho raised their target price on Consolidated Edison from $72.00 to $83.00 and gave the stock a “neutral” rating in a research report on Thursday, November 12th. They noted that the move was a valuation call. Bank of America downgraded shares of Consolidated Edison from a “buy” rating to a “neutral” rating and set a $82.00 price objective for the company. in a report on Thursday, October 15th. BidaskClub lowered shares of Consolidated Edison from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 8th. Credit Suisse Group increased their price objective on Consolidated Edison from $78.00 to $81.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 4th. Finally, Morgan Stanley reduced their target price on shares of Consolidated Edison from $82.00 to $75.00 and set an “underweight” rating on the stock in a research note on Tuesday, December 15th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. Consolidated Edison has an average rating of “Hold” and an average target price of $79.61.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,589 customers in parts of Manhattan.
Further Reading: Hedge Funds – Risk or Reward?
Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:ED).
Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.