Retirement Systems of Alabama Lowers Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Retirement Systems of Alabama cut its stake in shares of Consolidated Edison, Inc. (NYSE:EDFree Report) by 80.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 75,601 shares of the utilities provider’s stock after selling 303,357 shares during the quarter. Retirement Systems of Alabama’s holdings in Consolidated Edison were worth $7,872,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp grew its stake in Consolidated Edison by 1.7% in the third quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock worth $2,439,684,000 after purchasing an additional 399,034 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Consolidated Edison by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider’s stock worth $919,041,000 after buying an additional 107,281 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Consolidated Edison by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider’s stock valued at $223,741,000 after buying an additional 28,254 shares during the period. Hsbc Holdings PLC raised its holdings in shares of Consolidated Edison by 0.8% in the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after acquiring an additional 11,785 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Consolidated Edison by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after acquiring an additional 125,859 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 0.5 %

Consolidated Edison stock opened at $90.83 on Wednesday. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The stock has a market cap of $31.46 billion, a PE ratio of 17.11, a price-to-earnings-growth ratio of 3.11 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. The stock has a 50-day moving average of $99.59 and a two-hundred day moving average of $98.18.

Consolidated Edison (NYSE:EDGet Free Report) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion during 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%. On average, research analysts anticipate that Consolidated Edison, Inc. will post 5.34 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ED shares. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. UBS Group boosted their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their target price for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $99.96.

View Our Latest Research Report on Consolidated Edison

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.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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