Clearbridge Investments LLC Sells 2,467 Shares of Consolidated Edison, Inc. (NYSE:ED)

Clearbridge Investments LLC cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 13.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,780 shares of the utilities provider's stock after selling 2,467 shares during the period. Clearbridge Investments LLC's holdings in Consolidated Edison were worth $1,408,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. AlphaMark Advisors LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth about $27,000. OFI Invest Asset Management bought a new position in Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC bought a new position in Consolidated Edison during the 4th quarter worth approximately $36,000. Centricity Wealth Management LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Consolidated Edison in the 4th quarter valued at $44,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Up 2.0 %

Shares of Consolidated Edison stock traded up $2.15 during trading hours on Tuesday, reaching $107.55. The company's stock had a trading volume of 450,827 shares, compared to its average volume of 2,816,891. The company has a market capitalization of $38.74 billion, a P/E ratio of 20.53, a P/E/G ratio of 3.05 and a beta of 0.27. The stock's fifty day simple moving average is $101.64 and its two-hundred day simple moving average is $98.72. Consolidated Edison, Inc. has a one year low of $87.28 and a one year high of $114.87. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

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Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.01. The business had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were given a $0.85 dividend. This is a positive change from Consolidated Edison's previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Wednesday, February 19th. Consolidated Edison's dividend payout ratio is presently 64.89%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Evercore ISI downgraded shares of Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 21st. Mizuho boosted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a "neutral" rating in a research note on Monday, February 3rd. UBS Group raised their target price on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Scotiabank boosted their price target on Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a research note on Monday, February 24th. Finally, Morgan Stanley raised their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an "underweight" rating in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $102.40.

Consolidated Edison Company 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.