Consolidated Edison, Inc. (NYSE:ED) Shares Sold by Gateway Investment Advisers LLC

by · The Markets Daily

Gateway Investment Advisers LLC cut its stake in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 0.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 212,298 shares of the utilities provider’s stock after selling 382 shares during the period. Gateway Investment Advisers LLC’s holdings in Consolidated Edison were worth $22,107,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Beacon Capital Management LLC boosted 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 purchasing an additional 300 shares during the period. Raleigh Capital Management Inc. acquired a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $29,000. Pathway Financial Advisers LLC acquired a new position in Consolidated Edison in the 1st quarter worth approximately $33,000. TruNorth Capital Management LLC acquired a new position in Consolidated Edison in the 2nd quarter worth approximately $33,000. Finally, Quarry LP acquired a new stake in Consolidated Edison during the 4th quarter valued at $35,000. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ED. Guggenheim increased their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Jefferies Financial Group started coverage on Consolidated Edison in a report on Wednesday. They set a “hold” rating and a $108.00 price objective for the company. UBS Group raised 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. Bank of America upped their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Morgan Stanley lifted their price objective on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.96.

Read Our Latest Research Report on Consolidated Edison

Consolidated Edison Stock Performance

Consolidated Edison stock traded up $0.74 during midday trading on Friday, hitting $102.32. The company’s stock had a trading volume of 1,317,182 shares, compared to its average volume of 1,815,241. The company has a 50-day moving average price of $102.35 and a two-hundred day moving average price of $96.06. The company has a market cap of $35.39 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 3.46 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison, Inc. has a 1-year low of $85.15 and a 1-year high of $105.99.

Consolidated Edison (NYSE:ED – Get Free Report) last posted its 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 firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the prior year, the business earned $0.61 earnings per share. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were paid a dividend of $0.83 per share. The ex-dividend date was Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.24%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Consolidated Edison Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:ED – Free Report).