Plimoth Trust Co. LLC Lowers Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Plimoth Trust Co. LLC decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 1.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,256 shares of the utilities provider’s stock after selling 195 shares during the period. Plimoth Trust Co. LLC’s holdings in Consolidated Edison were worth $1,276,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Gulf International Bank UK Ltd boosted its position in Consolidated Edison by 0.7% during the first quarter. Gulf International Bank UK Ltd now owns 28,546 shares of the utilities provider’s stock worth $2,592,000 after purchasing an additional 201 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Consolidated Edison by 3.4% in the 1st quarter. International Assets Investment Management LLC now owns 5,901 shares of the utilities provider’s stock valued at $533,000 after buying an additional 196 shares in the last quarter. Riverview Trust Co purchased a new stake in Consolidated Edison during the 1st quarter worth approximately $78,000. Brookstone Capital Management raised its holdings in shares of Consolidated Edison by 4.3% during the first quarter. Brookstone Capital Management now owns 24,010 shares of the utilities provider’s stock valued at $2,180,000 after acquiring an additional 981 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in Consolidated Edison in the 1st quarter valued at about $48,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ED. Jefferies Financial Group began coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective for the company. Guggenheim upped their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Scotiabank upped their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Finally, Bank of America increased their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and an average target price of $98.73.

Consolidated Edison Stock Down 0.5 %

Shares of Consolidated Edison stock traded down $0.50 during trading hours on Monday, hitting $106.26. The company had a trading volume of 1,405,671 shares, compared to its average volume of 1,840,863. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company’s 50-day moving average is $102.80 and its two-hundred day moving average is $96.69. The company has a market cap of $36.75 billion, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.10.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The company had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter last year, the company posted $0.61 earnings per share. Analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Wednesday, November 13th. 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.