International Assets Investment Management LLC Decreases Stock Position in Consolidated Edison, Inc. (NYSE:ED)

International Assets Investment Management LLC trimmed its holdings in Consolidated Edison, Inc. (NYSE:ED) by 9.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,342 shares of the utilities provider’s stock after selling 559 shares during the period. International Assets Investment Management LLC’s holdings in Consolidated Edison were worth $478,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Beacon Capital Management LLC increased its stake in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares in the last quarter. Tidemark LLC purchased a new position in Consolidated Edison during the fourth quarter worth $29,000. Raleigh Capital Management Inc. acquired a new position in shares of Consolidated Edison in the fourth quarter worth $29,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at $33,000. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Consolidated Edison during the first quarter valued at $33,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Guggenheim upped their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Barclays raised their target price on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research report on Monday, August 5th. Argus upgraded Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Scotiabank raised their price objective on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Finally, Wells Fargo & Company lifted their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.65.

Consolidated Edison Stock Up 0.7 %

ED opened at $101.56 on Friday. The company has a market cap of $35.12 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 2.56 and a beta of 0.34. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $105.99. The firm has a 50 day moving average price of $95.63 and a 200 day moving average price of $92.83.

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

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.27%. Consolidated Edison’s dividend payout ratio (DPR) is currently 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.