TCW Group Inc. Has $1.42 Million Stake in Consolidated Edison Inc (NYSE:ED)

Key Points

• TCW Group Inc. has reduced its stake in Consolidated Edison Inc by 31.0%, now holding 12,844 shares valued at approximately $1.42 million.
• The company reported second-quarter earnings of $2.25 per share, which fell short of estimates by $0.05, despite achieving revenues of $4.80 billion.
• Consolidated Edison will pay a quarterly dividend of $0.85 on September 15, representing an annual yield of 3.33% with a payout ratio of 62.85%.

TCW Group Inc. cut its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 31.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,844 shares of the utilities provider's stock after selling 5,761 shares during the period. TCW Group Inc.'s holdings in Consolidated Edison were worth $1,420,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of Consolidated Edison by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider's stock worth $799,684,000 after buying an additional 130,234 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Consolidated Edison by 6.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider's stock valued at $430,129,000 after purchasing an additional 271,088 shares during the period. Northern Trust Corp increased its holdings in Consolidated Edison by 10.2% in the fourth quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider's stock valued at $375,458,000 after purchasing an additional 390,708 shares during the period. Invesco Ltd. increased its holdings in Consolidated Edison by 27.9% in the fourth quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock valued at $332,090,000 after purchasing an additional 812,885 shares during the period. Finally, Deutsche Bank AG increased its holdings in Consolidated Edison by 22.1% in the fourth quarter. Deutsche Bank AG now owns 1,702,855 shares of the utilities provider's stock valued at $151,946,000 after purchasing an additional 308,683 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Citigroup increased their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, April 9th. KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Mizuho raised Consolidated Edison from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $105.00 to $107.00 in a research note on Monday, June 30th. Guggenheim upped their target price on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Finally, Wells Fargo & Company upped their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $105.09.

Consolidated Edison Stock Up 1.0%

Shares of ED stock traded up $0.99 on Friday, reaching $104.49. 936,906 shares of the company were exchanged, compared to its average volume of 2,745,653. The company has a market cap of $37.65 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 3.27 and a beta of 0.26. The company has a 50-day moving average of $101.54 and a 200-day moving average of $102.57. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period last year, the company earned $2.15 EPS. Analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio is 62.85%.

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.