Gabelli Funds LLC reduced its holdings in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 3.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 93,500 shares of the utilities provider’s stock after selling 3,000 shares during the quarter. Gabelli Funds LLC’s holdings in Consolidated Edison were worth $8,452,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in ED. Retirement Group LLC grew its position in shares of Consolidated Edison by 74.8% in the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 116 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in shares of Consolidated Edison in the first quarter valued at about $28,000. Clear Street Markets LLC lifted its stake in shares of Consolidated Edison by 261.0% in the fourth quarter. Clear Street Markets LLC now owns 361 shares of the utilities provider’s stock valued at $34,000 after buying an additional 261 shares during the period. Motco bought a new stake in shares of Consolidated Edison in the second quarter valued at about $36,000. Finally, Almanack Investment Partners LLC. bought a new stake in shares of Consolidated Edison in the third quarter valued at about $36,000. 64.53% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on the stock. Barclays reduced their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 24th. KeyCorp cut their price target on shares of Consolidated Edison from $77.00 to $73.00 and set an “underweight” rating for the company in a research note on Wednesday, October 18th. StockNews.com assumed coverage on shares of Consolidated Edison in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Royal Bank of Canada cut their target price on shares of Consolidated Edison from $97.00 to $92.00 and set a “sector perform” rating for the company in a research note on Wednesday, September 6th. Finally, Mizuho cut their target price on shares of Consolidated Edison from $95.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, September 5th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average price target of $88.00.
Consolidated Edison Price Performance
ED opened at $90.94 on Tuesday. The company has a fifty day moving average price of $88.64 and a two-hundred day moving average price of $91.15. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.91 and a current ratio of 0.98. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.92. The firm has a market capitalization of $31.39 billion, a PE ratio of 13.47, a P/E/G ratio of 8.97 and a beta of 0.38.
Consolidated Edison Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio (DPR) is 48.00%.
About Consolidated Edison
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.
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