Hennessy Advisors Inc. Has $11.65 Million Stake in Consolidated Edison, Inc. (NYSE:ED)

Hennessy Advisors Inc. cut its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 4.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 128,236 shares of the utilities provider’s stock after selling 5,600 shares during the quarter. Hennessy Advisors Inc.’s holdings in Consolidated Edison were worth $11,645,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Financial Gravity Asset Management Inc. boosted its holdings in shares of Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Consolidated Edison during the 4th quarter valued at $29,000. Raleigh Capital Management Inc. purchased a new stake in shares of Consolidated Edison in the 4th quarter worth $29,000. Tidemark LLC bought a new position in Consolidated Edison in the 4th quarter worth $29,000. Finally, Bruce G. Allen Investments LLC purchased a new position in Consolidated Edison during the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on ED shares. Mizuho upped their price target on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Morgan Stanley dropped their price target on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday. Barclays boosted their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. Scotiabank reduced their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Finally, Argus upgraded Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $89.27.

Consolidated Edison Stock Down 0.8 %

NYSE ED traded down $0.68 on Friday, reaching $89.00. 658,458 shares of the stock traded hands, compared to its average volume of 1,917,263. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $98.85. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The company has a fifty day moving average price of $93.63 and a 200-day moving average price of $91.16. The company has a market cap of $30.78 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 2.28 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter last year, the firm posted $1.83 EPS. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. As a group, research analysts forecast that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date was Tuesday, May 14th. Consolidated Edison’s payout ratio is currently 63.72%.

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.