Oak Thistle LLC Lowers Stock Position in Consolidated Edison Inc (NYSE:ED)

Key Points

• Oak Thistle LLC has reduced its stake in Consolidated Edison Inc by 49.1%, leaving it with 2,916 shares valued at approximately $322,000.
• Despite Oak Thistle's exit, other investors such as United Bank and Choreo LLC have increased their positions, indicating a mixed sentiment among institutional investors regarding Consolidated Edison.
• Consolidated Edison recently announced a quarterly dividend of $0.85 per share, which yields 3.33%, with a payout ratio of 62.85%.

Oak Thistle LLC decreased its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 49.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,916 shares of the utilities provider's stock after selling 2,811 shares during the quarter. Oak Thistle LLC's holdings in Consolidated Edison were worth $322,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Alpine Bank Wealth Management purchased a new position in shares of Consolidated Edison in the 1st quarter valued at about $32,000. Fort Vancouver Investment Management LLC purchased a new position in Consolidated Edison in the first quarter valued at about $33,000. Wood Tarver Financial Group LLC purchased a new position in Consolidated Edison in the fourth quarter valued at about $35,000. Elite Financial Inc. purchased a new position in Consolidated Edison in the 1st quarter valued at approximately $38,000. Finally, Park Square Financial Group LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $45,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on ED. Morgan Stanley dropped their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. Barclays raised their price target on Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Mizuho upgraded shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and raised their target price for the company from $105.00 to $107.00 in a report on Monday, June 30th. Citigroup raised their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, April 9th. Finally, Guggenheim raised their price objective 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. Two research 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's stock. Based on data from MarketBeat.com, Consolidated Edison presently has a consensus rating of "Hold" and an average price target of $105.09.

Consolidated Edison Trading Up 1.0%

Shares of NYSE:ED traded up $1.05 during midday trading on Tuesday, reaching $102.03. The company's stock had a trading volume of 249,883 shares, compared to its average volume of 2,754,451. The firm has a market cap of $36.76 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 3.26 and a beta of 0.26. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The business has a 50 day moving average price of $101.66 and a 200 day moving average price of $102.47.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). The business had revenue of $4.80 billion during the quarter, compared to analysts' expectations 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 prior year, the firm earned $2.15 EPS. Research analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be issued a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a yield of 3.33%. Consolidated Edison's payout ratio is 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.