Tower Research Capital LLC TRC Sells 2,993 Shares of Consolidated Edison, Inc. (NYSE:ED)

Tower Research Capital LLC TRC lessened its position in Consolidated Edison, Inc. (NYSE:ED) by 12.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,615 shares of the utilities provider’s stock after selling 2,993 shares during the period. Tower Research Capital LLC TRC’s holdings in Consolidated Edison were worth $1,929,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. AlphaMark Advisors LLC bought a new stake in Consolidated Edison in the fourth quarter valued at $27,000. OFI Invest Asset Management purchased a new stake in shares of Consolidated Edison in the 4th quarter worth about $35,000. Fairway Wealth LLC bought a new stake in shares of Consolidated Edison during the 4th quarter valued at about $36,000. Centricity Wealth Management LLC purchased a new position in shares of Consolidated Edison during the fourth quarter valued at about $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in Consolidated Edison in the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 2.1 %

Consolidated Edison stock opened at $113.28 on Wednesday. Consolidated Edison, Inc. has a one year low of $87.28 and a one year high of $114.87. The business’s fifty day moving average is $105.44 and its 200 day moving average is $99.32. The stock has a market capitalization of $40.80 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison’s payout ratio is currently 64.89%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ED. Morgan Stanley lifted their price objective on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday, March 20th. UBS Group lifted their price target on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Barclays increased their price objective on Consolidated Edison from $95.00 to $100.00 and gave the stock an “underweight” rating in a report on Tuesday. Citigroup upped their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, April 9th. Finally, Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Two 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, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $103.30.

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.