Cornell Pochily Investment Advisors Inc. Sells 1,535 Shares of Consolidated Edison, Inc. (ED)
Cornell Pochily Investment Advisors Inc. trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 13.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,010 shares of the utilities provider’s stock after selling 1,535 shares during the period. Cornell Pochily Investment Advisors Inc.’s holdings in Consolidated Edison were worth $848,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of ED. Financial Gravity Wealth Inc. purchased a new stake in shares of Consolidated Edison during the first quarter valued at $32,000. Isthmus Partners LLC bought a new position in Consolidated Edison in the first quarter valued at about $5,476,000. Strs Ohio lifted its holdings in Consolidated Edison by 31.4% in the first quarter. Strs Ohio now owns 51,595 shares of the utilities provider’s stock valued at $4,375,000 after acquiring an additional 12,328 shares during the period. Asset Dedication LLC lifted its holdings in Consolidated Edison by 95.6% in the first quarter. Asset Dedication LLC now owns 3,326 shares of the utilities provider’s stock valued at $282,000 after acquiring an additional 1,626 shares during the period. Finally, Rothschild Investment Corp IL lifted its holdings in Consolidated Edison by 1.7% in the first quarter. Rothschild Investment Corp IL now owns 18,294 shares of the utilities provider’s stock valued at $1,552,000 after acquiring an additional 300 shares during the period. 60.67% of the stock is currently owned by institutional investors.
A number of research analysts have weighed in on the company. Mizuho assumed coverage on Consolidated Edison in a report on Monday, March 11th. They issued a “neutral” rating and a $85.00 target price on the stock. ValuEngine downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, April 4th. Credit Suisse Group increased their target price on Consolidated Edison from $77.00 to $78.00 and gave the company an “underperform” rating in a report on Monday, February 25th. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Monday, February 25th. Finally, Morgan Stanley increased their target price on Consolidated Edison from $78.00 to $81.00 and gave the company an “underweight” rating in a report on Tuesday, February 12th. Five analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Consolidated Edison has an average rating of “Hold” and a consensus target price of $77.34.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 21st. The utilities provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.75 by $0.02. Consolidated Edison had a return on equity of 8.42% and a net margin of 11.20%. The firm had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.89 billion. During the same quarter last year, the company earned $0.80 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. Research analysts anticipate that Consolidated Edison, Inc. will post 4.36 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Wednesday, May 15th will be paid a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 3.54%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 68.52%.
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Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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