Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Breakwater Capital Group

Breakwater Capital Group cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 4.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,480 shares of the utilities provider’s stock after selling 319 shares during the quarter. Breakwater Capital Group’s holdings in Consolidated Edison were worth $578,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of ED. Grandview Asset Management LLC acquired a new position in shares of Consolidated Edison in the fourth quarter worth about $208,000. Cooper Financial Group raised its holdings in Consolidated Edison by 5.1% in the 4th quarter. Cooper Financial Group now owns 2,799 shares of the utilities provider’s stock worth $250,000 after purchasing an additional 136 shares during the period. Wedmont Private Capital boosted its position in Consolidated Edison by 32.4% during the fourth quarter. Wedmont Private Capital now owns 8,966 shares of the utilities provider’s stock worth $790,000 after purchasing an additional 2,193 shares in the last quarter. CHICAGO TRUST Co NA grew its holdings in Consolidated Edison by 34.2% in the fourth quarter. CHICAGO TRUST Co NA now owns 15,683 shares of the utilities provider’s stock valued at $1,399,000 after purchasing an additional 4,000 shares during the period. Finally, Brookstone Capital Management increased its position in shares of Consolidated Edison by 1.9% in the fourth quarter. Brookstone Capital Management now owns 24,642 shares of the utilities provider’s stock valued at $2,199,000 after buying an additional 469 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

ED has been the topic of a number of recent analyst reports. Barclays decreased their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $100.64.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $89.28 on Wednesday. The business’s 50 day moving average price is $93.72 and its 200 day moving average price is $97.90. The company has a market cap of $30.93 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 3.11 and a beta of 0.38. 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, Inc. has a one year low of $85.85 and a one year high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results 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. 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, research analysts predict that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were issued a $0.83 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.72%. Consolidated Edison’s payout ratio is 62.52%.

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.