Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Grimes & Company Inc.

Grimes & Company Inc. cut its stake in Consolidated Edison, Inc. (NYSE:ED) by 2.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 5,297 shares of the utilities provider’s stock after selling 130 shares during the period. Grimes & Company Inc.’s holdings in Consolidated Edison were worth $473,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Consolidated Edison in the third quarter worth approximately $776,000. Pathway Financial Advisers LLC boosted its position in shares of Consolidated Edison by 10,302.6% in the third quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after acquiring an additional 24,211 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after acquiring an additional 82,985 shares during the last quarter. Hennessy Advisors Inc. boosted its position in shares of Consolidated Edison by 2.8% in the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock worth $12,772,000 after acquiring an additional 3,900 shares during the last quarter. Finally, Gateway Investment Advisers LLC boosted its position in shares of Consolidated Edison by 102.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock worth $38,394,000 after acquiring an additional 217,981 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ED has been the topic of several research analyst reports. Morgan Stanley decreased their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price target for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Finally, Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price target for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has 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 $100.64.

Consolidated Edison Trading Down 0.1 %

ED opened at $90.66 on Friday. The firm has a market capitalization of $31.41 billion, a P/E ratio of 17.07, a P/E/G ratio of 2.89 and a beta of 0.38. The firm’s 50 day moving average is $92.88 and its 200-day moving average is $97.95. 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 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data 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. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Analysts expect that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.75%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is 62.52%.

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.