Consolidated Edison, Inc. (NYSE:ED) Position Cut by Brooklyn Investment Group

Brooklyn Investment Group lowered its stake in Consolidated Edison, Inc. (NYSE:ED) by 8.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,341 shares of the utilities provider’s stock after selling 126 shares during the quarter. Brooklyn Investment Group’s holdings in Consolidated Edison were worth $120,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. grew its holdings in Consolidated Edison by 13.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after acquiring an additional 100 shares during the period. TD Private Client Wealth LLC lifted its stake in Consolidated Edison by 4.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock worth $243,000 after acquiring an additional 104 shares in the last quarter. D.A. Davidson & CO. grew its stake in Consolidated Edison by 1.1% during the 3rd quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock valued at $1,160,000 after acquiring an additional 124 shares in the last quarter. Townsquare Capital LLC grew its position in Consolidated Edison by 2.4% during the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after purchasing an additional 130 shares in the last quarter. Finally, Brookstone Capital Management increased its stake in shares of Consolidated Edison by 0.6% in the third quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock worth $2,517,000 after acquiring an additional 136 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ED has been the subject of several research reports. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Barclays decreased their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their target price for the company from $90.00 to $100.00 in a report on Thursday, December 12th. 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 price target for the company. Finally, Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $100.64.

Consolidated Edison Trading Up 1.6 %

Shares of ED stock opened at $93.74 on Monday. The firm has a market capitalization of $32.47 billion, a P/E ratio of 17.65, a price-to-earnings-growth ratio of 2.81 and a beta of 0.38. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The firm’s fifty day simple moving average is $93.35 and its 200 day simple moving average is $97.91. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.35 EPS for the current year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.03%.

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.