Sumitomo Mitsui DS Asset Management Company Ltd Reduces Holdings in Consolidated Edison, Inc. (NYSE:ED)

Sumitomo Mitsui DS Asset Management Company Ltd lowered its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,041 shares of the utilities provider’s stock after selling 360 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Consolidated Edison were worth $4,586,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of ED. Ellsworth Advisors LLC boosted its stake in shares of Consolidated Edison by 3.3% during the third quarter. Ellsworth Advisors LLC now owns 55,511 shares of the utilities provider’s stock valued at $5,780,000 after acquiring an additional 1,794 shares during the last quarter. Marshall Financial Group LLC lifted its holdings in Consolidated Edison by 0.7% in the 3rd quarter. Marshall Financial Group LLC now owns 26,765 shares of the utilities provider’s stock valued at $2,787,000 after purchasing an additional 192 shares in the last quarter. Armstrong Fleming & Moore Inc acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth about $218,000. nVerses Capital LLC purchased a new stake in shares of Consolidated Edison during the third quarter worth about $115,000. Finally, FLC Capital Advisors acquired a new position in shares of Consolidated Edison in the third quarter valued at approximately $208,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the topic of a number of analyst reports. Morgan Stanley raised their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. UBS Group lifted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Scotiabank increased their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Barclays lifted their price target on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a report on Monday, August 5th. Finally, Guggenheim increased their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $98.27.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $106.76 on Friday. The firm has a fifty day moving average of $102.80 and a 200-day moving average of $96.64. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $106.77. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $36.92 billion, a P/E ratio of 20.49, a PEG ratio of 3.46 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period in the prior year, the firm earned $0.61 EPS. As a group, analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.11%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

About Consolidated Edison

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.