Conning Inc. Cuts Holdings in Consolidated Edison, Inc. (ED)

Conning Inc. lowered its position in Consolidated Edison, Inc. (NYSE:ED) by 77.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,077 shares of the utilities provider’s stock after selling 31,587 shares during the quarter. Conning Inc.’s holdings in Consolidated Edison were worth $692,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Swiss National Bank boosted its stake in shares of Consolidated Edison by 4.1% during the second quarter. Swiss National Bank now owns 2,279,371 shares of the utilities provider’s stock valued at $177,745,000 after purchasing an additional 90,600 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Consolidated Edison by 2.6% during the second quarter. Commonwealth Equity Services LLC now owns 360,396 shares of the utilities provider’s stock valued at $28,104,000 after purchasing an additional 9,220 shares during the period. Summit Global Investments bought a new position in shares of Consolidated Edison during the second quarter valued at approximately $1,131,000. Verition Fund Management LLC bought a new position in shares of Consolidated Edison during the second quarter valued at approximately $936,000. Finally, Standard Life Aberdeen plc raised its holdings in shares of Consolidated Edison by 12.9% during the second quarter. Standard Life Aberdeen plc now owns 199,939 shares of the utilities provider’s stock valued at $15,593,000 after acquiring an additional 22,794 shares in the last quarter. 58.72% of the stock is owned by institutional investors and hedge funds.

Shares of Consolidated Edison stock opened at $77.23 on Wednesday. The company has a quick ratio of 0.57, a current ratio of 0.63 and a debt-to-equity ratio of 0.97. The company has a market cap of $23.75 billion, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 6.07 and a beta of 0.02. Consolidated Edison, Inc. has a 52 week low of $71.12 and a 52 week high of $89.70.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. The company had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.64 billion. Consolidated Edison had a return on equity of 8.52% and a net margin of 12.90%. During the same quarter in the prior year, the company earned $0.58 earnings per share. On average, equities analysts predict that Consolidated Edison, Inc. will post 4.25 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Wednesday, November 14th will be issued a $0.715 dividend. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 dividend on an annualized basis and a yield of 3.70%. Consolidated Edison’s dividend payout ratio (DPR) is 69.93%.

ED has been the subject of a number of recent analyst reports. Bank of America upped their target price on Consolidated Edison from $84.50 to $85.00 and gave the company a “buy” rating in a report on Wednesday, September 26th. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a report on Tuesday, August 7th. Barclays initiated coverage on Consolidated Edison in a report on Tuesday, July 10th. They set an “equal weight” rating and a $81.00 target price for the company. ValuEngine upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, Wells Fargo & Co upped their target price on Consolidated Edison from $81.00 to $83.00 and gave the company a “market perform” rating in a report on Monday, September 17th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $77.80.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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