KLP Kapitalforvaltning AS Decreases Position in Consolidated Edison Inc (NYSE:ED)

KLP Kapitalforvaltning AS decreased its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 23.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 344,965 shares of the utilities provider's stock after selling 108,100 shares during the period. KLP Kapitalforvaltning AS owned 0.10% of Consolidated Edison worth $38,150,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new stake in Consolidated Edison in the 1st quarter valued at about $32,000. Fort Vancouver Investment Management LLC purchased a new stake in shares of Consolidated Edison during the 1st quarter worth approximately $33,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $35,000. Elite Financial Inc. purchased a new stake in shares of Consolidated Edison during the 1st quarter worth approximately $38,000. Finally, Park Square Financial Group LLC purchased a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $45,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Price Performance

NYSE:ED traded down $0.44 during trading hours on Thursday, hitting $102.11. The stock had a trading volume of 2,315,405 shares, compared to its average volume of 2,786,991. The company has a 50 day simple moving average of $101.78 and a two-hundred day simple moving average of $102.00. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The firm has a market capitalization of $36.79 billion, a price-to-earnings ratio of 18.87, a P/E/G ratio of 3.31 and a beta of 0.26.

Consolidated Edison (NYSE:ED - Get Free Report) last announced 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 net margin of 11.98% and a return on equity of 8.61%. The firm had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the business earned $2.15 earnings per share. Research analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders 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 3.33%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is currently 62.85%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Guggenheim raised 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. Citigroup raised their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, April 9th. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Finally, Barclays lifted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research note on Monday, May 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target 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.