Strs Ohio Sells 1,750 Shares of Consolidated Edison, Inc. (NYSE:ED)

Strs Ohio reduced its position in Consolidated Edison, Inc. (NYSE:ED) by 6.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,698 shares of the utilities provider’s stock after selling 1,750 shares during the quarter. Strs Ohio’s holdings in Consolidated Edison were worth $2,337,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Retirement Group LLC lifted its stake in 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 buying an additional 116 shares during the period. Financial Gravity Asset Management Inc. grew its position in shares of Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares during the period. Level Financial Advisors Inc. bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at $26,000. Tyler Stone Wealth Management acquired a new position in shares of Consolidated Edison during the 2nd quarter valued at $28,000. Finally, Turtle Creek Wealth Advisors LLC bought a new position in Consolidated Edison during the fourth quarter worth $29,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

NYSE ED opened at $91.77 on Friday. The company has a market capitalization of $31.71 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 8.52 and a beta of 0.35. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $100.92. The company has a 50-day simple moving average of $88.97 and a 200 day simple moving average of $89.62.

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, topping the consensus estimate of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same quarter last year, the business posted $0.81 EPS. Consolidated Edison’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, research analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.62%. Consolidated Edison’s dividend payout ratio is presently 46.24%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ED shares. UBS Group dropped their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Royal Bank of Canada dropped their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Scotiabank raised their price objective on Consolidated Edison from $90.00 to $91.00 and gave the company a “sector underperform” rating in a research note on Tuesday, February 20th. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Finally, Barclays increased their target price on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average target price of $87.96.

Consolidated Edison 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.