Martingale Asset Management L P Reduces Position in Consolidated Edison, Inc. (NYSE:ED)

Martingale Asset Management L P cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 9.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,902 shares of the utilities provider’s stock after selling 15,495 shares during the quarter. Martingale Asset Management L P’s holdings in Consolidated Edison were worth $15,713,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its position in shares of Consolidated Edison by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider’s stock worth $223,741,000 after purchasing an additional 28,254 shares during the last quarter. Hsbc Holdings PLC grew its position in Consolidated Edison by 0.8% during the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after acquiring an additional 11,785 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Consolidated Edison by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after acquiring an additional 125,859 shares during the last quarter. FMR LLC grew its position in Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after acquiring an additional 572,530 shares during the last quarter. Finally, Swiss National Bank grew its holdings in shares of Consolidated Edison by 0.3% in the third quarter. Swiss National Bank now owns 1,026,500 shares of the utilities provider’s stock worth $106,889,000 after purchasing an additional 3,500 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

NYSE ED opened at $101.58 on Friday. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The stock has a 50-day moving average of $101.80 and a 200 day moving average of $98.17. The company has a market capitalization of $35.19 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 3.41 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The company 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 dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.27%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Analyst Ratings Changes

Several research analysts have recently issued reports on ED shares. Bank of America raised their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Guggenheim raised their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. UBS Group raised their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Jefferies Financial Group started coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Finally, Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $98.19.

Consolidated Edison Company 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.