Gateway Investment Advisers LLC Sells 48,637 Shares of Consolidated Edison, Inc. (NYSE:ED)

Gateway Investment Advisers LLC trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 18.6% during the first quarter, Holdings Channel reports. The institutional investor owned 213,004 shares of the utilities provider’s stock after selling 48,637 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Consolidated Edison were worth $19,343,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Advisors Capital Management LLC boosted its position in Consolidated Edison by 3.8% in the 3rd quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock valued at $283,000 after buying an additional 122 shares during the last quarter. Jeppson Wealth Management LLC boosted its position in shares of Consolidated Edison by 1.6% in the 4th quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock worth $702,000 after purchasing an additional 125 shares during the last quarter. Sandy Spring Bank boosted its position in shares of Consolidated Edison by 11.4% in the 4th quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock worth $111,000 after purchasing an additional 125 shares during the last quarter. Syon Capital LLC boosted its position in shares of Consolidated Edison by 2.3% in the 4th quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock worth $542,000 after purchasing an additional 136 shares during the last quarter. Finally, Pinnacle West Asset Management Inc. boosted its position in shares of Consolidated Edison by 5.1% in the 4th quarter. Pinnacle West Asset Management Inc. now owns 3,075 shares of the utilities provider’s stock worth $280,000 after purchasing an additional 148 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

ED opened at $89.39 on Wednesday. The business’s 50-day moving average price is $93.64 and its two-hundred day moving average price is $91.17. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $98.85. The company has a market capitalization of $30.91 billion, a price-to-earnings ratio of 17.16, a P/E/G ratio of 2.29 and a beta of 0.35. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter last year, the business posted $1.83 EPS. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. Equities analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend was Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is 63.72%.

Analysts Set New Price Targets

ED has been the topic of several recent research reports. Barclays raised their price target on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Morgan Stanley reduced their target price on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday. Wells Fargo & Company lifted their target price on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Scotiabank reduced their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Finally, Argus upgraded Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $89.27.

Consolidated Edison Company 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.