Plimoth Trust Co. LLC Trims Position in Consolidated Edison, Inc. (NYSE:ED)

Plimoth Trust Co. LLC lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,256 shares of the utilities provider’s stock after selling 195 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Consolidated Edison were worth $1,276,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Clean Energy Transition LLP increased its holdings in shares of Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares during the period. Acadian Asset Management LLC raised its position in Consolidated Edison by 302.3% during the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after buying an additional 532,893 shares during the last quarter. AMF Tjanstepension AB raised its position in Consolidated Edison by 243.2% during the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after buying an additional 352,903 shares during the last quarter. Swedbank AB acquired a new stake in shares of Consolidated Edison in the 1st quarter worth $30,515,000. Finally, LPL Financial LLC boosted its holdings in shares of Consolidated Edison by 101.3% in the second quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock valued at $54,242,000 after acquiring an additional 305,291 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. UBS Group raised their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Morgan Stanley lifted their price target on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. Barclays increased their price objective on Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a research report on Monday. Wells Fargo & Company upped their price target 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. Finally, 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. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $98.73.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock traded down $0.50 during trading on Monday, hitting $106.26. 1,405,671 shares of the company were exchanged, compared to its average volume of 1,840,863. The firm has a 50 day moving average price of $102.80 and a 200 day moving average price of $96.69. The stock has a market capitalization of $36.75 billion, a price-to-earnings ratio of 20.49, a P/E/G ratio of 3.46 and a beta of 0.36. 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, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.10.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period in the previous year, the firm posted $0.61 earnings per share. On average, equities analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

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.