Massmutual Trust Co. FSB ADV Sells 345 Shares of Consolidated Edison, Inc. (NYSE:ED)

Massmutual Trust Co. FSB ADV lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 1.6% during the 2nd quarter, Holdings Channel reports. The fund owned 21,431 shares of the utilities provider’s stock after selling 345 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in Consolidated Edison were worth $1,916,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Consolidated Edison in the fourth quarter worth approximately $243,511,000. Charles Schwab Investment Management Inc. increased its position in shares of Consolidated Edison by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after acquiring an additional 47,936 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Consolidated Edison by 6.6% during the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after acquiring an additional 123,654 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Consolidated Edison by 11.2% during the fourth quarter. Hsbc Holdings PLC now owns 1,386,743 shares of the utilities provider’s stock valued at $126,042,000 after acquiring an additional 139,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Consolidated Edison by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,126,595 shares of the utilities provider’s stock valued at $102,484,000 after acquiring an additional 6,176 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Barclays downgraded Consolidated Edison from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $97.00 to $92.00 in a research report on Monday, July 22nd. Wells Fargo & Company increased their price target on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday. UBS Group increased their price objective on Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Argus raised Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Finally, Scotiabank reduced their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $91.35.

Consolidated Edison Price Performance

NYSE:ED traded down $1.13 during trading hours on Monday, hitting $100.70. 2,846,197 shares of the company’s stock traded hands, compared to its average volume of 1,892,421. The firm has a market cap of $34.83 billion, a P/E ratio of 19.50, a P/E/G ratio of 2.56 and a beta of 0.34. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $105.99. The business’s fifty day simple moving average is $92.36 and its two-hundred day simple moving average is $91.44. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.03%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the business posted $0.61 earnings per share. On average, research analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.