Baldwin Brothers Inc. MA trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 2.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,602 shares of the utilities provider’s stock after selling 2,969 shares during the quarter. Consolidated Edison makes up about 1.2% of Baldwin Brothers Inc. MA’s portfolio, making the stock its 25th biggest holding. Baldwin Brothers Inc. MA’s holdings in Consolidated Edison were worth $9,072,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Hoover Financial Advisors Inc. acquired a new stake in shares of Consolidated Edison in the second quarter valued at approximately $27,000. Balentine LLC acquired a new stake in Consolidated Edison during the 1st quarter worth approximately $29,000. TRUE Private Wealth Advisors lifted its holdings in Consolidated Edison by 33.5% during the 3rd quarter. TRUE Private Wealth Advisors now owns 534 shares of the utilities provider’s stock worth $41,000 after purchasing an additional 134 shares during the last quarter. TCTC Holdings LLC acquired a new stake in Consolidated Edison during the 2nd quarter worth approximately $44,000. Finally, Prestige Wealth Management Group LLC lifted its holdings in Consolidated Edison by 59.1% during the 1st quarter. Prestige Wealth Management Group LLC now owns 1,109 shares of the utilities provider’s stock worth $87,000 after purchasing an additional 412 shares during the last quarter. Hedge funds and other institutional investors own 59.08% of the company’s stock.
Shares of ED traded down $0.04 during midday trading on Friday, hitting $81.70. The company’s stock had a trading volume of 2,205,257 shares, compared to its average volume of 2,279,585. Consolidated Edison, Inc. has a one year low of $62.03 and a one year high of $95.10. The company’s fifty day simple moving average is $75.83 and its two-hundred day simple moving average is $75.80. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $27.33 billion, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 9.74 and a beta of 0.14.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 6th. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.07. Consolidated Edison had a return on equity of 7.92% and a net margin of 10.86%. The company had revenue of $2.72 billion for the quarter, compared to analyst estimates of $2.81 billion. During the same quarter last year, the company posted $0.58 EPS. On average, research analysts predict that Consolidated Edison, Inc. will post 4.26 earnings per share for the current year.
Several analysts recently weighed in on the company. Guggenheim raised Consolidated Edison from a “sell” rating to a “neutral” rating and set a $73.00 price target for the company in a report on Monday, September 14th. Morgan Stanley dropped their price target on Consolidated Edison from $75.00 to $74.00 and set an “underweight” rating for the company in a report on Monday, October 5th. Credit Suisse Group raised Consolidated Edison from an “underperform” rating to a “neutral” rating in a report on Monday, August 10th. KeyCorp dropped their price target on Consolidated Edison from $92.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, Mizuho dropped their price target on Consolidated Edison from $78.00 to $73.50 and set a “neutral” rating for the company in a report on Wednesday, July 15th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company’s stock. Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $77.57.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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