Sunbelt Securities Inc. Has $35,000 Stock Holdings in Consolidated Edison Inc (NYSE:ED)

Sunbelt Securities Inc. trimmed its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 91.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 320 shares of the utilities provider's stock after selling 3,386 shares during the quarter. Sunbelt Securities Inc.'s holdings in Consolidated Edison were worth $35,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Achmea Investment Management B.V. grew its position in shares of Consolidated Edison by 31.6% in the 1st quarter. Achmea Investment Management B.V. now owns 133,653 shares of the utilities provider's stock worth $14,780,000 after acquiring an additional 32,115 shares in the last quarter. Illinois Municipal Retirement Fund lifted its stake in Consolidated Edison by 12.0% during the first quarter. Illinois Municipal Retirement Fund now owns 197,712 shares of the utilities provider's stock worth $21,865,000 after purchasing an additional 21,198 shares during the last quarter. Perpetual Ltd acquired a new position in Consolidated Edison in the first quarter worth $243,000. Motiv8 Investments LLC bought a new stake in Consolidated Edison during the first quarter valued at $223,000. Finally, Sabal Trust CO bought a new position in shares of Consolidated Edison in the 1st quarter worth about $235,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Mizuho upgraded shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $105.00 to $107.00 in a research note on Monday. KeyCorp lowered shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target for the company. in a research report on Wednesday, May 14th. UBS Group boosted their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Morgan Stanley reduced their price objective on 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 lifted their target price on Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research note on Monday, May 5th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Consolidated Edison has an average rating of "Hold" and an average price target of $105.27.

Consolidated Edison Price Performance

Shares of ED traded up $0.16 during midday trading on Thursday, reaching $100.08. The stock had a trading volume of 1,316,443 shares, compared to its average volume of 2,381,770. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19. The company has a market capitalization of $36.06 billion, a P/E ratio of 18.50, a P/E/G ratio of 3.22 and a beta of 0.26. The firm's 50 day moving average price is $104.14 and its 200-day moving average price is $100.84. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87.

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

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Wednesday, May 14th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison's payout ratio is 62.85%.

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.