Franklin Resources Inc. Has $31.14 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Franklin Resources Inc. cut its position in Consolidated Edison, Inc. (NYSE:ED) by 20.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 302,231 shares of the utilities provider’s stock after selling 79,908 shares during the period. Franklin Resources Inc.’s holdings in Consolidated Edison were worth $31,142,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Peapack Gladstone Financial Corp lifted its holdings in Consolidated Edison by 6.0% during the third quarter. Peapack Gladstone Financial Corp now owns 25,606 shares of the utilities provider’s stock worth $2,667,000 after acquiring an additional 1,441 shares in the last quarter. Synovus Financial Corp lifted its holdings in shares of Consolidated Edison by 6.2% during the 3rd quarter. Synovus Financial Corp now owns 17,804 shares of the utilities provider’s stock valued at $1,854,000 after purchasing an additional 1,033 shares in the last quarter. Tidal Investments LLC grew its position in shares of Consolidated Edison by 4.5% in the 3rd quarter. Tidal Investments LLC now owns 6,437 shares of the utilities provider’s stock valued at $670,000 after purchasing an additional 276 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Consolidated Edison during the 3rd quarter worth approximately $776,000. Finally, Sfmg LLC acquired a new stake in Consolidated Edison during the 3rd quarter worth approximately $208,000. 66.29% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. UBS Group upped their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price target for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Barclays decreased their price objective on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Finally, Jefferies Financial Group initiated coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $99.96.

Consolidated Edison Stock Performance

Shares of ED stock opened at $88.87 on Thursday. The stock has a market cap of $30.79 billion, a P/E ratio of 16.74, a P/E/G ratio of 3.11 and a beta of 0.36. The company has a fifty day moving average price of $99.32 and a two-hundred day moving average price of $98.12. Consolidated Edison, Inc. has a one year low of $85.85 and a one year 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) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, equities analysts predict that Consolidated Edison, Inc. will post 5.34 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

About Consolidated Edison

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.