Gateway Investment Advisers LLC Sells 217,616 Shares of Consolidated Edison, Inc. (NYSE:ED)

Gateway Investment Advisers LLC cut its position in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 50.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 212,663 shares of the utilities provider's stock after selling 217,616 shares during the quarter. Gateway Investment Advisers LLC owned approximately 0.06% of Consolidated Edison worth $23,518,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Consolidated Edison during the fourth quarter worth $399,824,000. GAMMA Investing LLC raised its stake in Consolidated Edison by 15,937.5% during the first quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider's stock worth $113,031,000 after purchasing an additional 1,015,700 shares during the period. ExodusPoint Capital Management LP raised its position in shares of Consolidated Edison by 412.0% in the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider's stock worth $97,564,000 after buying an additional 879,866 shares during the period. Invesco Ltd. raised its holdings in shares of Consolidated Edison by 27.9% in the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock worth $332,090,000 after purchasing an additional 812,885 shares during the period. Finally, Marshall Wace LLP lifted its position in Consolidated Edison by 232.3% during the fourth quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider's stock valued at $93,989,000 after buying an additional 736,348 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Trading Up 1.2%

Shares of NYSE:ED traded up $1.23 during midday trading on Tuesday, reaching $102.34. The company had a trading volume of 2,311,785 shares, compared to its average volume of 2,287,726. The company has a fifty day simple moving average of $106.96 and a two-hundred day simple moving average of $100.45. The firm has a market cap of $36.87 billion, a price-to-earnings ratio of 19.53, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year high of $114.87. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). The company had revenue of $4.80 billion during the quarter, compared to analysts' expectations of $4.21 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. During the same period last year, the company earned $2.15 earnings per share. Research analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison's payout ratio is 62.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ED shares. UBS Group upped their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Scotiabank boosted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a research report on Monday, February 24th. Morgan Stanley lowered their price target on shares of Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating for the company in a report on Thursday, May 22nd. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Finally, Guggenheim upped their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $104.27.

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.