Jupiter Asset Management Ltd. Has $48.05 Million Stake in Consolidated Edison Inc (NYSE:ED)

Key Points

• Jupiter Asset Management Ltd. reduced its stake in Consolidated Edison Inc by 9.7%, now holding 434,528 shares valued at approximately $48 million.
• Consolidated Edison reported Q1 earnings of $2.25 EPS, which fell short of analyst expectations of $2.30, despite revenues surpassing consensus estimates by reaching $4.80 billion.
• The company announced a quarterly dividend of $0.85 per share, equating to an annualized dividend of $3.40 and a dividend yield of 3.3%.

Jupiter Asset Management Ltd. trimmed its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 9.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 434,528 shares of the utilities provider's stock after selling 46,432 shares during the quarter. Jupiter Asset Management Ltd. owned 0.12% of Consolidated Edison worth $48,054,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Revolve Wealth Partners LLC grew its stake in Consolidated Edison by 13.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider's stock worth $332,000 after buying an additional 441 shares in the last quarter. Orion Portfolio Solutions LLC raised its holdings in shares of Consolidated Edison by 22.2% in the fourth quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider's stock valued at $671,000 after purchasing an additional 1,366 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Consolidated Edison by 2.5% in the 4th quarter. Alliancebernstein L.P. now owns 459,244 shares of the utilities provider's stock worth $40,978,000 after buying an additional 11,386 shares during the last quarter. Headlands Technologies LLC grew its stake in Consolidated Edison by 162.8% in the 4th quarter. Headlands Technologies LLC now owns 1,351 shares of the utilities provider's stock valued at $121,000 after buying an additional 837 shares in the last quarter. Finally, World Investment Advisors lifted its holdings in shares of Consolidated Edison by 38.2% in the fourth quarter. World Investment Advisors now owns 6,011 shares of the utilities provider's stock worth $536,000 after buying an additional 1,662 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ED shares. Guggenheim lifted their target price on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Morgan Stanley reduced their target price on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Citigroup raised their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, April 9th. Finally, Barclays increased their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research report on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Consolidated Edison currently has an average rating of "Hold" and a consensus price target of $105.09.

Consolidated Edison Price Performance

NYSE ED traded up $0.93 during trading hours on Monday, reaching $105.37. The company's stock had a trading volume of 2,345,136 shares, compared to its average volume of 2,050,562. The stock has a market cap of $37.96 billion, a PE ratio of 19.48, a PEG ratio of 3.33 and a beta of 0.24. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. The company's 50-day moving average is $101.55 and its two-hundred day moving average is $102.84. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87.

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

Consolidated Edison Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.2%. Consolidated Edison's payout ratio is 62.85%.

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.