Stevens Capital Management LP Lowers Stake in Consolidated Edison Inc (NYSE:ED)

Key Points

• Stevens Capital Management LP reduced its stake in Consolidated Edison Inc by 40.5%, ending the first quarter with a holding of 7,718 shares valued at approximately $854,000.
• Consolidated Edison reported a quarterly earnings per share (EPS) of $2.25, which missed the consensus estimate of $2.30, despite a revenue of $4.80 billion exceeding expectations.
• The company declared a quarterly dividend of $0.85, representing an annual yield of 3.33%, with a payout ratio of 62.85%.

Stevens Capital Management LP trimmed its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 40.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,718 shares of the utilities provider's stock after selling 5,264 shares during the quarter. Stevens Capital Management LP's holdings in Consolidated Edison were worth $854,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Alpine Bank Wealth Management acquired a new position in shares of Consolidated Edison in the 1st quarter worth approximately $32,000. Fort Vancouver Investment Management LLC acquired a new position in shares of Consolidated Edison in the 1st quarter worth approximately $33,000. Wood Tarver Financial Group LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $35,000. Elite Financial Inc. acquired a new position in shares of Consolidated Edison in the 1st quarter worth approximately $38,000. Finally, Park Square Financial Group LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $45,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 0.9%

Shares of NYSE ED traded up $0.90 during mid-day trading on Tuesday, reaching $101.88. The company had a trading volume of 505,220 shares, compared to its average volume of 2,756,275. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. The firm has a 50 day simple moving average of $101.66 and a two-hundred day simple moving average of $102.47. The stock has a market cap of $36.71 billion, a P/E ratio of 18.82, a PEG ratio of 3.26 and a beta of 0.26. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results 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 company 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 last year, the business earned $2.15 earnings per share. Sell-side analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

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 given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's dividend payout ratio (DPR) is 62.85%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ED. Barclays upped their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. Wells Fargo & Company increased their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Citigroup increased their target price 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. Mizuho upgraded shares of Consolidated Edison from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $105.00 to $107.00 in a report on Monday, June 30th. Finally, KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. 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, the stock has an average rating of "Hold" and an average target price of $105.09.

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.