Los Angeles Capital Management LLC Cuts Stake in Consolidated Edison Inc (NYSE:ED)

Los Angeles Capital Management LLC reduced its position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 259,765 shares of the utilities provider's stock after selling 5,097 shares during the quarter. Los Angeles Capital Management LLC owned 0.07% of Consolidated Edison worth $28,727,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Alpine Bank Wealth Management purchased a new position in Consolidated Edison in the 1st quarter valued at about $32,000. Fort Vancouver Investment Management LLC purchased a new position in Consolidated Edison in the 1st quarter worth approximately $33,000. Wood Tarver Financial Group LLC purchased a new position in Consolidated Edison in the 4th quarter worth approximately $35,000. Elite Financial Inc. purchased a new position in Consolidated Edison in the 1st quarter worth approximately $38,000. Finally, Park Square Financial Group LLC purchased a new position in Consolidated Edison in the 4th quarter worth approximately $45,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

NYSE:ED traded up $1.54 during mid-day trading on Tuesday, reaching $103.61. 1,663,782 shares of the company were exchanged, compared to its average volume of 2,405,804. The stock has a market cap of $37.33 billion, a PE ratio of 19.15, a PEG ratio of 3.23 and a beta of 0.26. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a fifty day moving average of $101.68 and a 200 day moving average of $101.89.

Consolidated Edison (NYSE:ED - Get Free Report) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The firm had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same period in the prior year, the business posted $2.15 earnings per share. On average, research analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's payout ratio is 62.85%.

Analysts Set New Price Targets

Several research firms have commented on ED. Mizuho upgraded shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $105.00 to $107.00 in a research note on Monday, June 30th. Guggenheim boosted their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Morgan Stanley reduced their price target on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research report on Wednesday, June 18th. Finally, Citigroup increased their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $105.09.

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.