Gabelli Funds LLC Reduces Stock Position in Consolidated Edison Inc $ED

Key Points

• Gabelli Funds LLC reduced its stake in Consolidated Edison Inc by 9.7%, now owning 60,200 shares valued at approximately $6.66 million after selling 6,500 shares.
• Various institutional investors increased their holdings in Consolidated Edison, with Schonfeld Strategic Advisors LLC notably lifting its position by 188.5% to own 92,710 shares valued at $8.27 million.
• Analysts have mixed opinions on Consolidated Edison, with Bank of America issuing an "underperform" rating while three analysts maintain a "buy" rating, contributing to a consensus rating of "hold" with an average price target of $105.82.

Gabelli Funds LLC trimmed its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 60,200 shares of the utilities provider's stock after selling 6,500 shares during the period. Gabelli Funds LLC's holdings in Consolidated Edison were worth $6,658,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Consolidated Edison by 1.6% in the first quarter. Vanguard Group Inc. now owns 43,117,094 shares of the utilities provider's stock worth $4,768,319,000 after acquiring an additional 661,432 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Consolidated Edison by 6.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider's stock worth $430,129,000 after buying an additional 271,088 shares in the last quarter. Deutsche Bank AG raised its position in shares of Consolidated Edison by 130.6% in the first quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock valued at $434,266,000 after buying an additional 2,223,959 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Consolidated Edison by 106.9% in the first quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock worth $308,643,000 after buying an additional 1,441,785 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Consolidated Edison by 2.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,271,594 shares of the utilities provider's stock worth $251,216,000 after acquiring an additional 45,605 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Trading Down 1.6%

NYSE ED traded down $1.58 during trading hours on Tuesday, reaching $96.65. The company had a trading volume of 1,300,963 shares, compared to its average volume of 2,756,567. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $34.86 billion, a P/E ratio of 17.56, a price-to-earnings-growth ratio of 2.73 and a beta of 0.28. The stock has a 50-day moving average of $101.30 and a 200 day moving average of $103.96. 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 announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same period last year, the business earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, research analysts anticipate 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 will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is currently 61.71%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ED shares. Mizuho raised their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Barclays lifted their price objective on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. Bank of America downgraded Consolidated Edison from a "buy" rating to an "underperform" rating and cut their target price for the stock from $112.00 to $101.00 in a research note on Friday, August 15th. Scotiabank boosted their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research report on Monday, August 11th. Finally, Morgan Stanley reissued an "underweight" rating on shares of Consolidated Edison in a report on Thursday, August 21st. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, Consolidated Edison currently has an average rating of "Hold" and a consensus price target of $105.82.

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.