Hennessy Advisors Inc. Reduces Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Hennessy Advisors Inc. decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 4.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 136,436 shares of the utilities provider’s stock after selling 6,700 shares during the period. Hennessy Advisors Inc.’s holdings in Consolidated Edison were worth $15,088,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Revolve Wealth Partners LLC lifted its position in shares of Consolidated Edison by 13.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock worth $332,000 after acquiring an additional 441 shares in the last quarter. Empowered Funds LLC raised its position in shares of Consolidated Edison by 9.2% in the fourth quarter. Empowered Funds LLC now owns 6,319 shares of the utilities provider’s stock worth $564,000 after buying an additional 534 shares in the last quarter. Kestra Private Wealth Services LLC increased its stake in Consolidated Edison by 17.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 10,394 shares of the utilities provider’s stock valued at $927,000 after acquiring an additional 1,514 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Consolidated Edison by 44.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 306,197 shares of the utilities provider’s stock valued at $27,261,000 after purchasing an additional 93,956 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in Consolidated Edison by 12.8% during the fourth quarter. Van ECK Associates Corp now owns 108,165 shares of the utilities provider’s stock valued at $9,651,000 after purchasing an additional 12,238 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of research reports. Guggenheim raised their price target on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. Wells Fargo & Company raised their price target on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research report on Friday, May 2nd. Citigroup lifted their price objective on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, April 9th. UBS Group lifted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Finally, KeyCorp downgraded Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price objective on the stock. in a report on Wednesday, May 14th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.27.

Consolidated Edison Stock Performance

ED stock opened at $103.89 on Friday. The stock has a market capitalization of $37.43 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 12-month low of $87.28 and a 12-month high of $114.87. 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 stock’s 50 day simple moving average is $106.74 and its 200 day simple moving average is $100.51.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). The business had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. During the same period last year, the company posted $2.15 earnings per share. As a group, research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be paid a dividend of $0.85 per share. The ex-dividend date is Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a yield of 3.27%. Consolidated Edison’s dividend payout ratio is presently 62.85%.

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.