Gladstone Institutional Advisory LLC Trims Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Gladstone Institutional Advisory LLC trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 22.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,601 shares of the utilities provider’s stock after selling 767 shares during the period. Gladstone Institutional Advisory LLC’s holdings in Consolidated Edison were worth $237,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Private Advisor Group LLC raised its holdings in shares of Consolidated Edison by 2.1% during the third quarter. Private Advisor Group LLC now owns 48,129 shares of the utilities provider’s stock valued at $4,108,000 after purchasing an additional 972 shares during the last quarter. MGO One Seven LLC raised its stake in Consolidated Edison by 2.1% during the 3rd quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock worth $490,000 after acquiring an additional 119 shares during the period. Corient Private Wealth LLC boosted its holdings in Consolidated Edison by 2.8% in the 3rd quarter. Corient Private Wealth LLC now owns 167,691 shares of the utilities provider’s stock worth $14,344,000 after buying an additional 4,575 shares during the period. NBC Securities Inc. bought a new stake in Consolidated Edison during the 3rd quarter valued at approximately $312,000. Finally, Ieq Capital LLC lifted its holdings in shares of Consolidated Edison by 4.0% in the third quarter. Ieq Capital LLC now owns 9,920 shares of the utilities provider’s stock worth $848,000 after buying an additional 380 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.6 %

Consolidated Edison stock traded up $0.56 during midday trading on Friday, hitting $94.43. 1,639,105 shares of the stock were exchanged, compared to its average volume of 2,007,665. The stock has a market capitalization of $32.66 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 2.38 and a beta of 0.34. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The stock’s 50-day simple moving average is $92.60 and its 200 day simple moving average is $90.98.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business’s revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.83 EPS. On average, equities analysts anticipate that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.52%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Scotiabank cut their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. UBS Group decreased their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Royal Bank of Canada reduced their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Wells Fargo & Company raised their price objective on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Finally, Barclays increased their price target on Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a report on Tuesday, May 7th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $88.46.

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.