Symphony Financial Ltd. Co. Has $2.71 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Symphony Financial Ltd. Co. lessened its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,259 shares of the utilities provider’s stock after selling 2,606 shares during the period. Symphony Financial Ltd. Co.’s holdings in Consolidated Edison were worth $2,710,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ED. Geode Capital Management LLC raised its stake in Consolidated Edison by 2.0% during the 1st quarter. Geode Capital Management LLC now owns 7,949,371 shares of the utilities provider’s stock valued at $761,387,000 after purchasing an additional 154,945 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Consolidated Edison by 0.9% during the 4th quarter. Legal & General Group Plc now owns 6,182,332 shares of the utilities provider’s stock worth $589,238,000 after purchasing an additional 56,681 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Consolidated Edison by 1,869.2% during the first quarter. Envestnet Asset Management Inc. now owns 4,786,202 shares of the utilities provider’s stock valued at $29,777,000 after buying an additional 4,543,146 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its stake in shares of Consolidated Edison by 89,231.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,145,861 shares of the utilities provider’s stock valued at $395,142,000 after buying an additional 4,141,220 shares during the period. Finally, Morgan Stanley grew its position in Consolidated Edison by 33.3% during the fourth quarter. Morgan Stanley now owns 4,128,579 shares of the utilities provider’s stock worth $393,495,000 after buying an additional 1,030,730 shares in the last quarter. Institutional investors own 64.53% of the company’s stock.

Consolidated Edison Trading Down 0.1 %

NYSE:ED traded down $0.08 during trading hours on Tuesday, hitting $91.49. 179,606 shares of the stock were exchanged, compared to its average volume of 1,819,514. The company’s 50 day moving average is $91.33 and its two-hundred day moving average is $93.61. The company has a market capitalization of $31.56 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 9.33 and a beta of 0.37. Consolidated Edison, Inc. has a twelve month low of $78.10 and a twelve month high of $100.92. The company has a quick ratio of 0.95, a current ratio of 1.02 and a debt-to-equity ratio of 0.99.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.03. The business had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Consolidated Edison had a return on equity of 8.27% and a net margin of 15.84%. During the same quarter last year, the business earned $0.64 earnings per share. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.9 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th were issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date was Tuesday, August 15th. Consolidated Edison’s dividend payout ratio is presently 46.62%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ED shares. Mizuho reduced their price objective on Consolidated Edison from $95.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, September 5th. Morgan Stanley decreased their price target on shares of Consolidated Edison from $74.00 to $73.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 23rd. Guggenheim dropped their price objective on shares of Consolidated Edison from $90.00 to $85.00 in a research note on Friday, July 7th. Bank of America dropped their target price on Consolidated Edison from $103.00 to $96.00 and set a “buy” rating for the company in a report on Wednesday, August 16th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Consolidated Edison from $89.00 to $80.00 in a research report on Wednesday, June 7th. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $89.79.

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 3.6 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.