MetLife Investment Management LLC Has $9.37 Million Stake in Consolidated Edison, Inc. (NYSE:ED)

MetLife Investment Management LLC cut its position in Consolidated Edison, Inc. (NYSE:ED) by 2.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 89,932 shares of the utilities provider’s stock after selling 2,319 shares during the quarter. MetLife Investment Management LLC’s holdings in Consolidated Edison were worth $9,365,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in Consolidated Edison during the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new position in shares of Consolidated Edison in the 3rd quarter valued at $30,000. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth $33,000. TruNorth Capital Management LLC bought a new stake in shares of Consolidated Edison during the 2nd quarter worth $33,000. Finally, Versant Capital Management Inc boosted its stake in Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after buying an additional 327 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $101.58 on Friday. The business has a 50-day moving average price of $101.80 and a two-hundred day moving average price of $98.17. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The company has a market cap of $35.19 billion, a P/E ratio of 19.13, a PEG ratio of 3.34 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. As a group, analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Analysts Set New Price Targets

A number of research analysts have recently commented on ED shares. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Bank of America upped their price target 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. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, UBS Group increased their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $98.19.

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.