Consolidated Edison, Inc. (NYSE:ED) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 28.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 65,799 shares of the utilities provider's stock after selling 26,560 shares during the period. State of Alaska Department of Revenue's holdings in Consolidated Edison were worth $6,851,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Retirement Planning Co of New England Inc. boosted its position in shares of Consolidated Edison by 4.2% during the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider's stock worth $224,000 after purchasing an additional 100 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in shares of Consolidated Edison by 13.0% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider's stock worth $78,000 after buying an additional 100 shares in the last quarter. Brookstone Capital Management boosted its position in shares of Consolidated Edison by 0.6% in the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider's stock worth $2,517,000 after buying an additional 136 shares in the last quarter. Checchi Capital Advisers LLC boosted its position in shares of Consolidated Edison by 2.6% in the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider's stock worth $503,000 after buying an additional 141 shares in the last quarter. Finally, Center For Asset Management LLC boosted its position in shares of Consolidated Edison by 3.5% in the 2nd quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider's stock worth $390,000 after buying an additional 147 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

ED traded down $1.90 during trading hours on Tuesday, hitting $102.91. 1,452,897 shares of the stock were exchanged, compared to its average volume of 1,828,155. The stock has a 50-day simple moving average of $103.49 and a 200-day simple moving average of $97.47. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The stock has a market cap of $35.59 billion, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 3.57 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.08 billion. During the same period last year, the business posted $0.61 earnings per share. Analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.23%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison's dividend payout ratio (DPR) is presently 63.72%.

Analysts Set New Price Targets

Several research firms recently commented on ED. Morgan Stanley boosted their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an "underweight" rating in a research report on Wednesday, September 25th. Bank of America boosted their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a "buy" rating in a research report on Monday, August 5th. Scotiabank boosted their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a "sector underperform" rating in a research report on Tuesday, August 20th. Guggenheim upped their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a "neutral" rating in a research note on Friday, August 2nd. Finally, Barclays upped their price objective on shares of Consolidated Edison from $98.00 to $104.00 and gave the company an "underweight" rating in a research note on Monday, October 21st. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of "Hold" and a consensus price target of $98.73.

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.