KBC Group NV Cuts Position in Consolidated Edison, Inc. (NYSE:ED)

KBC Group NV trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 0.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 41,507 shares of the utilities provider’s stock after selling 214 shares during the period. KBC Group NV’s holdings in Consolidated Edison were worth $4,322,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ED. Acadian Asset Management LLC grew its position in Consolidated Edison by 162.1% during the 1st quarter. Acadian Asset Management LLC now owns 176,279 shares of the utilities provider’s stock valued at $15,999,000 after purchasing an additional 109,035 shares during the last quarter. Edgestream Partners L.P. lifted its stake in shares of Consolidated Edison by 148.2% in the first quarter. Edgestream Partners L.P. now owns 6,005 shares of the utilities provider’s stock worth $545,000 after buying an additional 3,586 shares in the last quarter. Covestor Ltd grew its holdings in shares of Consolidated Edison by 20.5% during the first quarter. Covestor Ltd now owns 983 shares of the utilities provider’s stock valued at $89,000 after buying an additional 167 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Consolidated Edison by 2.0% during the first quarter. Ameritas Investment Partners Inc. now owns 22,330 shares of the utilities provider’s stock valued at $2,028,000 after acquiring an additional 444 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its holdings in Consolidated Edison by 21.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 61,919 shares of the utilities provider’s stock worth $5,623,000 after acquiring an additional 10,763 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on ED. Guggenheim increased their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Barclays reduced their price objective on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Bank of America upped their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Scotiabank boosted their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average target price of $98.35.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $96.44 on Monday. The stock has a market cap of $33.41 billion, a P/E ratio of 18.16, a P/E/G ratio of 3.24 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock’s fifty day moving average is $102.68 and its 200 day moving average is $98.04. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations 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 year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.44%. Consolidated Edison’s payout ratio is currently 62.52%.

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.