Foster & Motley Inc. Cuts Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Foster & Motley Inc. cut its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,582 shares of the utilities provider’s stock after selling 310 shares during the period. Foster & Motley Inc.’s holdings in Consolidated Edison were worth $477,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. ProShare Advisors LLC increased its position in shares of Consolidated Edison by 6.6% in the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after buying an additional 123,654 shares in the last quarter. Hsbc Holdings PLC increased its holdings in Consolidated Edison by 0.8% in the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after acquiring an additional 11,785 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Consolidated Edison by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after acquiring an additional 125,859 shares in the last quarter. Clean Energy Transition LLP raised its position in Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after acquiring an additional 623,787 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Consolidated Edison by 5.5% during the second quarter. AQR Capital Management LLC now owns 709,713 shares of the utilities provider’s stock valued at $63,413,000 after purchasing an additional 36,991 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Scotiabank upped their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Guggenheim raised their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Barclays upped their target price on shares of Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. UBS Group increased their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Finally, Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and an average price target of $98.73.

Consolidated Edison Stock Performance

Shares of ED opened at $97.52 on Friday. The stock has a 50-day simple moving average of $103.48 and a 200-day simple moving average of $97.85. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The stock has a market capitalization of $33.76 billion, a PE ratio of 18.97, a PEG ratio of 3.34 and a beta of 0.36.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 64.59%.

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.