Adirondack Trust Co. Reduces Holdings in Consolidated Edison, Inc. (NYSE:ED)

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Adirondack Trust Co. trimmed its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 18.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,291 shares of the utilities provider’s stock after selling 300 shares during the quarter. Adirondack Trust Co.’s holdings in Consolidated Edison were worth $122,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of ED. M Holdings Securities Inc. purchased a new stake in Consolidated Edison in the 1st quarter valued at $1,611,000. NEXT Financial Group Inc grew its holdings in Consolidated Edison by 682.1% in the 2nd quarter. NEXT Financial Group Inc now owns 23,266 shares of the utilities provider’s stock valued at $2,040,000 after buying an additional 20,291 shares in the last quarter. Fagan Associates Inc. purchased a new stake in Consolidated Edison in the 2nd quarter valued at $201,000. Caisse DE Depot ET Placement DU Quebec grew its holdings in Consolidated Edison by 1,852.3% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 103,607 shares of the utilities provider’s stock valued at $9,084,000 after buying an additional 98,300 shares in the last quarter. Finally, OLD National Bancorp IN grew its holdings in Consolidated Edison by 6.1% in the 2nd quarter. OLD National Bancorp IN now owns 31,367 shares of the utilities provider’s stock valued at $2,750,000 after buying an additional 1,811 shares in the last quarter. Hedge funds and other institutional investors own 59.75% of the company’s stock.

Several analysts have issued reports on the company. Credit Suisse Group dropped their target price on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Barclays restated a “hold” rating and issued a $90.00 target price on shares of Consolidated Edison in a report on Thursday, June 20th. Morgan Stanley decreased their price target on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating on the stock in a research note on Friday, August 16th. Finally, ValuEngine lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $85.01.

Shares of Consolidated Edison stock traded up $0.36 during trading hours on Wednesday, hitting $93.36. The company’s stock had a trading volume of 647,903 shares, compared to its average volume of 1,818,859. Consolidated Edison, Inc. has a twelve month low of $73.29 and a twelve month high of $94.97. The firm has a fifty day moving average of $91.03 and a 200-day moving average of $87.64. The stock has a market cap of $31.27 billion, a price-to-earnings ratio of 21.61, a P/E/G ratio of 10.84 and a beta of 0.07. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.62.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.02). Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period last year, the company earned $0.61 EPS. On average, sell-side analysts expect that Consolidated Edison, Inc. will post 4.34 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were paid a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend was Tuesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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