New York State Teachers Retirement System Trims Holdings in Consolidated Edison, Inc. (NYSE:ED)

New York State Teachers Retirement System trimmed its position in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 7.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 311,858 shares of the utilities provider's stock after selling 23,787 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of Consolidated Edison worth $32,474,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ED. Beacon Capital Management LLC lifted its position in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider's stock valued at $28,000 after acquiring an additional 300 shares during the period. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison during the first quarter valued at approximately $33,000. TruNorth Capital Management LLC purchased a new position in shares of Consolidated Edison during the second quarter valued at approximately $33,000. Versant Capital Management Inc grew its stake in shares of Consolidated Edison by 380.2% in the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider's stock worth $37,000 after buying an additional 327 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in Consolidated Edison during the 3rd quarter valued at approximately $55,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

ED has been the topic of several analyst reports. Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a "buy" rating in a report on Monday, August 5th. Guggenheim raised 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. Wells Fargo & Company upped their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, August 2nd. Morgan Stanley raised their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an "underweight" rating in a research report on Wednesday, September 25th. Finally, Scotiabank upped their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a "sector underperform" rating in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $98.73.

Consolidated Edison Stock Performance

NYSE:ED traded down $1.68 on Friday, hitting $100.00. The stock had a trading volume of 2,820,584 shares, compared to its average volume of 1,840,938. The business's 50-day simple moving average is $103.56 and its two-hundred day simple moving average is $97.53. The stock has a market cap of $34.62 billion, a price-to-earnings ratio of 19.78, a price-to-earnings-growth ratio of 3.47 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 quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The company 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 earnings per share. As a group, research analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend yield of 3.32%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison's dividend payout ratio is presently 64.59%.

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.