Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.3% in the fourth quarter, HoldingsChannel reports. The firm owned 46,202 shares of the utilities provider’s stock after selling 2,074 shares during the period. Mutual of America Capital Management LLC’s holdings in Consolidated Edison were worth $4,203,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. raised its holdings in shares of Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after buying an additional 194 shares during the last quarter. Level Financial Advisors Inc. acquired a new stake in Consolidated Edison in the 3rd quarter valued at approximately $26,000. Retirement Group LLC raised its stake in Consolidated Edison by 74.8% during the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 116 shares in the last quarter. Tyler Stone Wealth Management acquired a new position in Consolidated Edison during the 2nd quarter worth $28,000. Finally, Turtle Creek Wealth Advisors LLC bought a new position in shares of Consolidated Edison in the fourth quarter worth $29,000. Institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ED. Barclays lifted their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. UBS Group reduced their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. LADENBURG THALM/SH SH started coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 target price on the stock. Finally, Scotiabank increased their price target on Consolidated Edison from $90.00 to $91.00 and gave the company a “sector underperform” rating in a research note on Tuesday, February 20th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $87.96.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $87.42 on Wednesday. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $100.92. The stock has a market capitalization of $30.20 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 8.36 and a beta of 0.35. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The stock’s fifty day simple moving average is $88.85 and its 200 day simple moving average is $89.53.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. Consolidated Edison’s revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. As a group, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Wednesday, February 14th were issued a dividend of $0.83 per share. The ex-dividend date was Tuesday, February 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.80%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.81. Consolidated Edison’s payout ratio is currently 46.24%.

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.