CWA Asset Management Group LLC Reduces Stake in Consolidated Edison, Inc. (NYSE:ED)

CWA Asset Management Group LLC lessened its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,048 shares of the utilities provider’s stock after selling 365 shares during the quarter. CWA Asset Management Group LLC’s holdings in Consolidated Edison were worth $450,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ED. Point72 Asset Management L.P. lifted its position in Consolidated Edison by 1,766.0% during the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after purchasing an additional 935,962 shares in the last quarter. Clean Energy Transition LLP raised its stake in shares of Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after buying an additional 623,787 shares during the period. FMR LLC lifted its position in shares of Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after buying an additional 572,530 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Consolidated Edison by 10,262.1% during the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after acquiring an additional 548,204 shares during the period. Finally, National Bank of Canada FI increased its holdings in Consolidated Edison by 350.6% in the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after acquiring an additional 482,953 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE ED opened at $88.93 on Thursday. The stock has a market capitalization of $30.81 billion, a PE ratio of 16.75, a P/E/G ratio of 3.11 and a beta of 0.38. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The business has a 50 day simple moving average of $94.64 and a two-hundred day simple moving average of $97.88. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, research analysts predict that Consolidated Edison, Inc. will post 5.34 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.73%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is 62.52%.

Analyst Ratings Changes

Several brokerages have weighed in on ED. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price target for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective for the company. Finally, Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $100.64.

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.