KBC Group NV Cuts Stake in Consolidated Edison, Inc. (NYSE:ED)

KBC Group NV cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 0.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,507 shares of the utilities provider’s stock after selling 214 shares during the period. KBC Group NV’s holdings in Consolidated Edison were worth $4,322,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Hsbc Holdings PLC increased its holdings in shares of Consolidated Edison by 0.8% in the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after purchasing an additional 11,785 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Consolidated Edison by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after acquiring an additional 125,859 shares during the last quarter. Clean Energy Transition LLP raised its holdings in shares of Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after acquiring an additional 623,787 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Consolidated Edison by 5.5% during the 2nd quarter. AQR Capital Management LLC now owns 709,713 shares of the utilities provider’s stock valued at $63,413,000 after acquiring an additional 36,991 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Guggenheim upped their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Morgan Stanley lifted their price target on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Finally, Scotiabank raised their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. 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 two have given a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average price target of $98.35.

Consolidated Edison Stock Up 1.3 %

NYSE:ED opened at $96.44 on Monday. The company has a market cap of $33.41 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 3.24 and a beta of 0.36. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock has a fifty day simple moving average of $102.68 and a 200-day simple moving average of $98.04.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

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.