Sigma Planning Corp Sells 6,770 Shares of Consolidated Edison, Inc. (NYSE:ED)

Sigma Planning Corp trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 47.7% in the fourth quarter, Holdings Channel reports. The firm owned 7,409 shares of the utilities provider’s stock after selling 6,770 shares during the quarter. Sigma Planning Corp’s holdings in Consolidated Edison were worth $674,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. grew its stake in Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 194 shares in the last quarter. Level Financial Advisors Inc. bought a new position in shares of Consolidated Edison during the 3rd quarter worth approximately $26,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Consolidated Edison during the 4th quarter worth approximately $29,000. Bruce G. Allen Investments LLC bought a new position in shares of Consolidated Edison during the 4th quarter worth approximately $31,000. Finally, CVA Family Office LLC bought a new position in shares of Consolidated Edison during the 4th quarter worth approximately $32,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $93.43 on Thursday. The stock has a market capitalization of $32.28 billion, a PE ratio of 13.01, a P/E/G ratio of 8.76 and a beta of 0.35. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. The business has a fifty day moving average price of $89.29 and a two-hundred day moving average price of $89.83. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $100.92.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same quarter last year, the company posted $0.81 EPS. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. As a group, equities analysts predict that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.55%. Consolidated Edison’s payout ratio is 46.24%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ED shares. Royal Bank of Canada reduced their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Scotiabank dropped 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. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. LADENBURG THALM/SH SH assumed coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price target for the company. Finally, UBS Group dropped their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $87.54.

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.