AMF Tjanstepension AB Decreases Position in Consolidated Edison, Inc. (NYSE:ED)

AMF Tjanstepension AB cut its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 48.5% during the fourth quarter, HoldingsChannel reports. The firm owned 232,531 shares of the utilities provider’s stock after selling 218,918 shares during the quarter. AMF Tjanstepension AB’s holdings in Consolidated Edison were worth $20,766,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $303,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $44,000. Machina Capital S.A.S. bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $828,000. Callan Family Office LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $305,000. Finally, Inceptionr LLC grew its stake in shares of Consolidated Edison by 447.1% during the fourth quarter. Inceptionr LLC now owns 26,788 shares of the utilities provider’s stock valued at $2,390,000 after buying an additional 21,892 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Up 2.8 %

Consolidated Edison stock opened at $103.73 on Friday. The business has a fifty day moving average of $94.39 and a two-hundred day moving average of $98.04. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm has a market cap of $35.97 billion, a P/E ratio of 19.80, a P/E/G ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a twelve month low of $87.16 and a twelve month high of $107.75.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. On average, analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 64.89%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Morgan Stanley dropped their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Mizuho increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Barclays increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research note on Monday, February 24th. Finally, Scotiabank increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $101.50.

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.