Caprock Group LLC Reduces Stake in Consolidated Edison, Inc. (NYSE:ED)

Caprock Group LLC cut its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 10.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,388 shares of the utilities provider’s stock after selling 396 shares during the quarter. Caprock Group LLC’s holdings in Consolidated Edison were worth $303,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of ED. Marino Stram & Associates LLC raised its stake in shares of Consolidated Edison by 0.6% during the 1st quarter. Marino Stram & Associates LLC now owns 19,623 shares of the utilities provider’s stock worth $1,782,000 after buying an additional 108 shares during the last quarter. Syon Capital LLC increased its holdings in Consolidated Edison by 2.3% during the 4th quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock valued at $542,000 after acquiring an additional 136 shares in the last quarter. G&S Capital LLC raised its position in Consolidated Edison by 1.6% during the first quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock worth $794,000 after acquiring an additional 139 shares during the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Consolidated Edison by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock valued at $503,000 after purchasing an additional 141 shares in the last quarter. Finally, Center For Asset Management LLC grew its position in shares of Consolidated Edison by 3.5% in the second quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock valued at $390,000 after purchasing an additional 147 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ED has been the topic of a number of recent research reports. Barclays upped their target price on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Scotiabank upped their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, Morgan Stanley upped their price objective on shares of Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a research note on Friday, August 23rd. Four research 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 stock. Based on data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $92.65.

Consolidated Edison Stock Performance

Shares of ED stock opened at $103.38 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The company has a market cap of $35.75 billion, a PE ratio of 19.84, a P/E/G ratio of 3.49 and a beta of 0.36. The company’s fifty day simple moving average is $98.42 and its 200-day simple moving average is $93.92. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $105.99.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data 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 return on equity of 8.67% and a net margin of 12.03%. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period last year, the company posted $0.61 earnings per share. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed 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. This represents a $3.32 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

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.