Foster & Motley Inc. Cuts Stake in Consolidated Edison, Inc. (NYSE:ED)

Foster & Motley Inc. cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 6.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,582 shares of the utilities provider’s stock after selling 310 shares during the quarter. Foster & Motley Inc.’s holdings in Consolidated Edison were worth $477,000 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. Beacon Capital Management LLC boosted its position in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 300 shares in the last quarter. Pathway Financial Advisers LLC bought a new stake in Consolidated Edison during the first quarter valued at about $33,000. TruNorth Capital Management LLC bought a new position in Consolidated Edison in the second quarter worth about $33,000. Versant Capital Management Inc lifted its position in shares of Consolidated Edison by 380.2% during the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after buying an additional 327 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at about $55,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Down 1.5 %

NYSE:ED opened at $97.52 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company’s fifty day moving average price is $103.48 and its 200-day moving average price is $97.85. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The firm has a market capitalization of $33.76 billion, a P/E ratio of 18.97, a PEG ratio of 3.34 and a beta of 0.36.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.40%. Consolidated Edison’s payout ratio is currently 64.59%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Bank of America raised their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Wells Fargo & Company increased their price target on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. UBS Group boosted their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Finally, Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $98.73.

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.