Ingalls & Snyder LLC Reduces Position in Consolidated Edison, Inc. (NYSE:ED)

Ingalls & Snyder LLC lowered its holdings in Consolidated Edison, Inc. (NYSE:ED) by 5.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,176 shares of the utilities provider’s stock after selling 1,000 shares during the period. Ingalls & Snyder LLC’s holdings in Consolidated Edison were worth $1,893,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of ED. Capital Performance Advisors LLP acquired a new position in Consolidated Edison during the 3rd quarter worth $27,000. Ashton Thomas Securities LLC bought a new position in shares of Consolidated Edison during the third quarter worth about $30,000. TruNorth Capital Management LLC acquired a new position in Consolidated Edison in the second quarter worth about $33,000. FSA Wealth Management LLC bought a new stake in Consolidated Edison in the third quarter valued at about $55,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Consolidated Edison during the third quarter valued at approximately $55,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ED. Scotiabank lifted their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. UBS Group lifted their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Morgan Stanley decreased their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Finally, Barclays dropped their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus target price of $99.13.

Consolidated Edison Trading Down 1.0 %

Shares of ED stock opened at $97.54 on Wednesday. The firm has a market capitalization of $33.79 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The stock has a fifty day moving average of $101.53 and a two-hundred day moving average of $98.23.

Consolidated Edison (NYSE:ED) last announced its earnings results 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 firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. As a group, research analysts expect that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.40%. Consolidated Edison’s payout ratio is 62.52%.

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.