Public Employees Retirement System of Ohio Cuts Holdings in Consolidated Edison, Inc. (NYSE:ED)

Public Employees Retirement System of Ohio reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 170,836 shares of the utilities provider’s stock after selling 13,567 shares during the period. Public Employees Retirement System of Ohio’s holdings in Consolidated Edison were worth $15,514,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Consolidated Edison during the fourth quarter worth approximately $29,000. Tidemark LLC bought a new stake in Consolidated Edison during the 4th quarter valued at $29,000. Raleigh Capital Management Inc. bought a new stake in Consolidated Edison in the 4th quarter worth $29,000. Atlantic Edge Private Wealth Management LLC bought a new stake in Consolidated Edison in the 4th quarter worth $33,000. Finally, Quarry LP purchased a new position in shares of Consolidated Edison in the fourth quarter valued at about $35,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ED shares. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Scotiabank reduced their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Wells Fargo & Company raised their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Barclays lowered shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $97.00 to $92.00 in a research note on Monday, July 22nd. Finally, Morgan Stanley decreased their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $89.04.

Consolidated Edison Stock Up 0.5 %

Shares of ED stock traded up $0.50 during trading hours on Tuesday, hitting $97.37. 33,252 shares of the company’s stock traded hands, compared to its average volume of 1,859,855. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The stock’s fifty day simple moving average is $92.02 and its two-hundred day simple moving average is $91.21. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $98.55. The stock has a market cap of $33.67 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 2.45 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the previous year, the business earned $1.83 earnings per share. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, analysts expect that Consolidated Edison, Inc. will post 5.32 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.41%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

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 3.7 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.