Franklin Resources Inc. Cuts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Franklin Resources Inc. cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 20.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 302,231 shares of the utilities provider's stock after selling 79,908 shares during the period. Franklin Resources Inc. owned approximately 0.09% of Consolidated Edison worth $31,142,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Capital Performance Advisors LLP purchased a new stake in Consolidated Edison during the 3rd quarter valued at $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison in the third quarter worth $30,000. Future Financial Wealth Managment LLC bought a new position in Consolidated Edison in the third quarter valued at about $55,000. FSA Wealth Management LLC bought a new position in Consolidated Edison in the third quarter valued at about $55,000. Finally, Webster Bank N. A. boosted its position in Consolidated Edison by 189.5% in the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider's stock worth $60,000 after purchasing an additional 379 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Citigroup upgraded shares of Consolidated Edison from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Barclays decreased their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating on the stock in a research report on Friday, November 8th. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a "hold" rating and a $108.00 price objective for the company. UBS Group raised their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a "neutral" rating in a report on Friday, September 20th. Finally, Evercore ISI upgraded Consolidated Edison from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $99.96.

Consolidated Edison Price Performance

Shares of NYSE:ED traded up $0.20 during trading on Thursday, hitting $89.07. 2,555,742 shares of the company's stock were exchanged, compared to its average volume of 1,908,431. The business's 50-day simple moving average is $99.32 and its 200 day simple moving average is $98.12. The company has a market cap of $30.85 billion, a price-to-earnings ratio of 16.77, a PEG ratio of 3.11 and a beta of 0.36. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. 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 - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. As a group, equities analysts predict that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.73%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison's payout ratio is currently 62.52%.

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.