Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio reduced its stake in Consolidated Edison, Inc. (NYSE:ED) by 7.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 170,836 shares of the utilities provider’s stock after selling 13,567 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Consolidated Edison were worth $15,514,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ED. LRI Investments LLC purchased a new stake in Consolidated Edison during the 1st quarter worth approximately $80,000. Clean Energy Transition LLP purchased a new stake in shares of Consolidated Edison during the first quarter worth $24,861,000. Quadrature Capital Ltd raised its stake in shares of Consolidated Edison by 43.1% in the first quarter. Quadrature Capital Ltd now owns 7,007 shares of the utilities provider’s stock valued at $636,000 after acquiring an additional 2,112 shares in the last quarter. DC Investments Management LLC purchased a new position in Consolidated Edison in the first quarter valued at $992,000. Finally, Advisors Asset Management Inc. increased its stake in shares of Consolidated Edison by 7.2% during the first quarter. Advisors Asset Management Inc. now owns 17,047 shares of the utilities provider’s stock worth $1,548,000 after buying an additional 1,138 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE:ED traded up $0.50 during mid-day trading on Tuesday, reaching $97.37. The stock had a trading volume of 33,252 shares, compared to its average volume of 1,859,855. The firm has a market capitalization of $33.67 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 2.45 and a beta of 0.34. The business has a 50 day simple moving average of $92.02 and a 200 day simple moving average of $91.21. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $98.55. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.83 EPS. On average, analysts expect that Consolidated Edison, Inc. will post 5.32 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Wells Fargo & Company raised their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. UBS Group lifted their price target on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Barclays cut Consolidated Edison from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $97.00 to $92.00 in a research report on Monday, July 22nd. Finally, Morgan Stanley cut their price target on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $89.04.

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.