Mirae Asset Global Investments Co. Ltd. Cuts Holdings in Consolidated Edison Inc (NYSE:ED)

Mirae Asset Global Investments Co. Ltd. decreased its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 25.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 98,913 shares of the utilities provider's stock after selling 33,262 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Consolidated Edison were worth $10,759,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Merit Financial Group LLC boosted its stake in shares of Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock worth $1,180,000 after buying an additional 1,533 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in Consolidated Edison by 81.4% in the fourth quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider's stock valued at $885,000 after acquiring an additional 4,451 shares during the period. Ritholtz Wealth Management bought a new position in Consolidated Edison in the first quarter valued at about $227,000. Wealth Enhancement Advisory Services LLC boosted its position in Consolidated Edison by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock worth $27,649,000 after purchasing an additional 6,869 shares during the last quarter. Finally, Orion Portfolio Solutions LLC grew its stake in shares of Consolidated Edison by 22.2% during the 4th quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider's stock valued at $671,000 after purchasing an additional 1,366 shares during the period. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Price Performance

ED stock traded up $0.16 during trading on Friday, reaching $100.08. The company's stock had a trading volume of 1,316,576 shares, compared to its average volume of 2,387,608. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. The company's fifty day moving average is $103.91 and its 200-day moving average is $100.90. The company has a market capitalization of $36.06 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 3.20 and a beta of 0.26. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87.

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

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th were given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.40%. The ex-dividend date was Wednesday, May 14th. Consolidated Edison's payout ratio is currently 62.85%.

Wall Street Analyst Weigh In

ED has been the subject of several research reports. UBS Group upped their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. KeyCorp cut shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 target price for the company. in a report on Wednesday, May 14th. Guggenheim lifted their price target 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. Morgan Stanley cut their price objective 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, Barclays raised their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $105.27.

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.