Strs Ohio Reduces Stake in Consolidated Edison, Inc. (NYSE:ED)

Strs Ohio reduced its holdings in Consolidated Edison, Inc. (NYSE:ED) by 6.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,698 shares of the utilities provider’s stock after selling 1,750 shares during the quarter. Strs Ohio’s holdings in Consolidated Edison were worth $2,337,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Diversified Trust Co lifted its holdings in Consolidated Edison by 140.8% in the fourth quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after buying an additional 21,604 shares during the period. Pacer Advisors Inc. boosted its position in shares of Consolidated Edison by 169.9% during the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock valued at $5,487,000 after purchasing an additional 37,971 shares in the last quarter. Blackhawk Capital Partners LLC. purchased a new stake in Consolidated Edison in the fourth quarter worth $1,551,000. Mariner LLC raised its holdings in Consolidated Edison by 24.9% in the third quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after purchasing an additional 18,270 shares in the last quarter. Finally, Comerica Bank purchased a new position in Consolidated Edison during the third quarter valued at $8,014,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ED. LADENBURG THALM/SH SH started coverage on shares of Consolidated Edison in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target for the company. Royal Bank of Canada decreased their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. UBS Group reduced their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Finally, Scotiabank boosted their target price on Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a report on Tuesday, February 20th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $87.96.

Consolidated Edison Stock Up 1.0 %

ED stock opened at $91.77 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.92. The stock has a market capitalization of $31.71 billion, a P/E ratio of 12.78, a P/E/G ratio of 8.52 and a beta of 0.35. The business has a fifty day moving average price of $88.97 and a 200-day moving average price of $89.62.

Consolidated Edison (NYSE:ED) last issued its 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 business had revenue of $3.44 billion during the quarter, compared to analyst estimates 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 in the previous year, the firm earned $0.81 EPS. Equities analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.62%. Consolidated Edison’s dividend payout ratio (DPR) is 46.24%.

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.