ABC Arbitrage SA Sells 35,654 Shares of Consolidated Edison Inc $ED

ABC Arbitrage SA cut its holdings in Consolidated Edison Inc (NYSE:ED) by 80.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,511 shares of the utilities provider’s stock after selling 35,654 shares during the quarter. ABC Arbitrage SA’s holdings in Consolidated Edison were worth $856,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ED. Salomon & Ludwin LLC grew its holdings in shares of Consolidated Edison by 270.4% during the 3rd quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 219 shares during the last quarter. Bogart Wealth LLC grew its stake in shares of Consolidated Edison by 886.5% during the second quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock worth $37,000 after buying an additional 328 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Consolidated Edison during the third quarter worth $38,000. True Wealth Design LLC lifted its stake in shares of Consolidated Edison by 392.1% in the 3rd quarter. True Wealth Design LLC now owns 497 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 396 shares during the last quarter. Finally, Webster Bank N. A. boosted its holdings in shares of Consolidated Edison by 67.8% during the 3rd quarter. Webster Bank N. A. now owns 495 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

ED has been the subject of a number of recent research reports. TD Cowen started coverage on Consolidated Edison in a report on Friday, January 9th. They issued a “hold” rating and a $105.00 target price for the company. UBS Group upped their price objective on Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Barclays cut their target price on shares of Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating on the stock in a research report on Thursday, January 22nd. Royal Bank Of Canada reissued a “sector perform” rating and set a $118.00 target price on shares of Consolidated Edison in a report on Friday, January 23rd. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $96.00 price target on shares of Consolidated Edison in a research note on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Consolidated Edison currently has an average rating of “Reduce” and a consensus target price of $104.20.

Consolidated Edison Trading Up 1.2%

NYSE:ED opened at $109.69 on Thursday. The company has a 50-day moving average price of $101.51 and a 200-day moving average price of $100.45. The stock has a market cap of $39.59 billion, a price-to-earnings ratio of 19.18, a P/E/G ratio of 2.96 and a beta of 0.38. The company has a current ratio of 1.08, a quick ratio of 0.97 and a debt-to-equity ratio of 1.03. Consolidated Edison Inc has a 12 month low of $93.52 and a 12 month high of $114.87.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Wednesday, February 18th will be paid a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, February 18th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s dividend payout ratio (DPR) is 59.44%.

Insider Buying and Selling at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the sale, the director directly owned 38,661 shares of the company’s stock, valued at $3,745,864.29. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is owned by corporate insiders.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.