TCW Group Inc. Trims Stake in Consolidated Edison, Inc. (NYSE:ED)

TCW Group Inc. lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,529 shares of the utilities provider’s stock after selling 217 shares during the period. TCW Group Inc.’s holdings in Consolidated Edison were worth $1,657,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Beacon Capital Management LLC raised its stake in shares of Consolidated Edison by 2,307.7% during the first 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. Raleigh Capital Management Inc. bought a new position in shares of Consolidated Edison in the 4th quarter worth $29,000. Tidemark LLC bought a new position in shares of Consolidated Edison in the 4th quarter worth $29,000. Pathway Financial Advisers LLC purchased a new stake in shares of Consolidated Edison during the 1st quarter worth $33,000. Finally, Atlantic Edge Private Wealth Management LLC bought a new stake in Consolidated Edison during the fourth quarter valued at about $33,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.9 %

Shares of ED opened at $100.10 on Monday. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $105.99. The firm has a market capitalization of $34.62 billion, a P/E ratio of 19.21, a P/E/G ratio of 2.56 and a beta of 0.34. The firm has a 50-day moving average price of $93.92 and a 200 day moving average price of $92.22. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the company earned $0.61 EPS. Sell-side analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.32%. Consolidated Edison’s payout ratio is currently 63.72%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Scotiabank lowered their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Morgan Stanley decreased their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. Mizuho boosted their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. UBS Group boosted their price objective on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Finally, Bank of America raised their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $91.81.

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.