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

Gateway Investment Advisers LLC cut its stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 50.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 212,663 shares of the utilities provider's stock after selling 217,616 shares during the quarter. Gateway Investment Advisers LLC owned 0.06% of Consolidated Edison worth $23,518,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of ED. OFI Invest Asset Management purchased a new position in Consolidated Edison during the fourth quarter worth about $35,000. Wood Tarver Financial Group LLC bought a new position in shares of Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC purchased a new position in shares of Consolidated Edison in the 4th quarter worth approximately $36,000. Centricity Wealth Management LLC bought a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $44,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ED has been the topic of a number of recent analyst reports. KeyCorp lowered Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target on the stock. in a report on Wednesday, May 14th. UBS Group lifted their target price on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Morgan Stanley cut their price target on shares of Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating on the stock in a report on Thursday, May 22nd. Citigroup raised their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Finally, Guggenheim lifted their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock 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, two have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Consolidated Edison has a consensus rating of "Hold" and an average price target of $104.27.

Consolidated Edison Stock Performance

Shares of ED stock opened at $101.57 on Friday. The firm's 50 day moving average is $107.33 and its 200 day moving average is $100.39. The stock has a market capitalization of $36.59 billion, a P/E ratio of 19.38, a PEG ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its 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). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the firm earned $2.15 EPS. On average, sell-side analysts anticipate 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 given a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.35%. Consolidated Edison's dividend payout ratio (DPR) is currently 62.85%.

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.

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