Mutual of America Capital Management LLC Lowers Position in Consolidated Edison Inc (NYSE:ED)

Mutual of America Capital Management LLC cut its stake in Consolidated Edison Inc (NYSE:ED) by 2.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,284 shares of the utilities provider’s stock after selling 1,208 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Consolidated Edison were worth $4,455,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Consolidated Edison by 6.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider’s stock valued at $430,129,000 after acquiring an additional 271,088 shares during the last quarter. Northern Trust Corp increased its position in shares of Consolidated Edison by 10.2% during the fourth quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider’s stock valued at $375,458,000 after acquiring an additional 390,708 shares during the last quarter. Deutsche Bank AG increased its position in shares of Consolidated Edison by 22.1% during the fourth quarter. Deutsche Bank AG now owns 1,702,855 shares of the utilities provider’s stock valued at $151,946,000 after acquiring an additional 308,683 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Consolidated Edison by 22.5% during the fourth quarter. Hsbc Holdings PLC now owns 1,650,021 shares of the utilities provider’s stock valued at $147,069,000 after acquiring an additional 303,228 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Consolidated Edison by 3.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,314,463 shares of the utilities provider’s stock valued at $117,288,000 after acquiring an additional 38,630 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE:ED opened at $104.55 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19. The business has a fifty day simple moving average of $101.66 and a two-hundred day simple moving average of $103.09. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The company has a market capitalization of $37.67 billion, a P/E ratio of 18.97, a P/E/G ratio of 3.35 and a beta of 0.24.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.68% and a net margin of 11.98%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same period last year, the company earned $0.59 earnings per share. On average, analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.85%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ED. Guggenheim increased their price target on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. Mizuho increased their price target on Consolidated Edison from $107.00 to $112.00 and gave the company an “outperform” rating in a research report on Friday. Wells Fargo & Company increased their price target on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. KeyCorp reaffirmed an “overweight” rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Finally, Morgan Stanley decreased their target price on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a research report on Wednesday, June 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $105.20.

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.