UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Lowers Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 15.2% during the third quarter, HoldingsChannel.com reports. The firm owned 4,549,361 shares of the utilities provider’s stock after selling 813,295 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Consolidated Edison were worth $473,725,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ED. Capital Performance Advisors LLP purchased a new position in Consolidated Edison during the third quarter worth approximately $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Consolidated Edison in the third quarter valued at approximately $30,000. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison in the first quarter valued at approximately $33,000. TruNorth Capital Management LLC purchased a new position in shares of Consolidated Edison in the second quarter valued at approximately $33,000. Finally, Versant Capital Management Inc lifted its position in shares of Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 327 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ED. Scotiabank raised their target price on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Wells Fargo & Company raised their target price on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Jefferies Financial Group started coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Barclays cut their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Finally, UBS Group raised their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $98.19.

Consolidated Edison Trading Down 0.1 %

NYSE:ED opened at $101.58 on Friday. The firm has a market cap of $35.19 billion, a PE ratio of 19.13, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36. The stock has a fifty day moving average price of $101.80 and a 200 day moving average price of $98.17. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.27%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

About Consolidated Edison

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.