Consolidated Edison Inc (NYSE:ED) Position Lowered by First Manhattan Co.

First Manhattan Co. cut its position in shares of Consolidated Edison Inc (NYSE:ED) by 2.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 6,366 shares of the utilities provider’s stock after selling 160 shares during the period. First Manhattan Co.’s holdings in Consolidated Edison were worth $514,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its stake in Consolidated Edison by 3.8% in the first quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock valued at $16,770,000 after buying an additional 8,002 shares in the last quarter. Rockland Trust Co. raised its stake in shares of Consolidated Edison by 3.3% in the first quarter. Rockland Trust Co. now owns 55,856 shares of the utilities provider’s stock valued at $4,338,000 after buying an additional 1,799 shares during the last quarter. Dai Ichi Life Insurance Company Ltd raised its stake in shares of Consolidated Edison by 16.4% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 63,364 shares of the utilities provider’s stock valued at $4,921,000 after buying an additional 8,918 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Consolidated Edison by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 604,894 shares of the utilities provider’s stock valued at $46,977,000 after buying an additional 15,382 shares during the last quarter. Finally, Washington Trust Bank raised its stake in shares of Consolidated Edison by 272.4% in the first quarter. Washington Trust Bank now owns 3,352 shares of the utilities provider’s stock valued at $260,000 after buying an additional 2,452 shares during the last quarter. 54.90% of the stock is currently owned by institutional investors.

Consolidated Edison Inc (ED) traded up 0.61% during trading on Friday, reaching $83.53. 2,024,020 shares of the company were exchanged. The company has a market capitalization of $25.53 billion, a P/E ratio of 20.21 and a beta of 0.08. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13. The firm’s 50-day moving average is $82.08 and its 200 day moving average is $79.65.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the business posted $0.60 EPS. On average, analysts anticipate that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio is presently 66.67%.

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Several research analysts have recently weighed in on ED shares. UBS AG upped their price target on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research note on Monday, May 8th. Zacks Investment Research upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, August 7th. Morgan Stanley upped their price target on shares of Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a research note on Thursday, August 10th. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and cut their price objective for the company from $88.00 to $83.50 in a report on Tuesday, June 13th. Five research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $76.96.

Consolidated Edison Company Profile

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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