Cornell Pochily Investment Advisors Inc. Trims Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Cornell Pochily Investment Advisors Inc. reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 5.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,091 shares of the utilities provider’s stock after selling 424 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Consolidated Edison were worth $645,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ED. Diversified Trust Co increased its position in shares of Consolidated Edison by 140.8% during the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock valued at $3,361,000 after purchasing an additional 21,604 shares during the last quarter. Penserra Capital Management LLC grew its holdings in Consolidated Edison by 11,130.0% during the 2nd quarter. Penserra Capital Management LLC now owns 2,246 shares of the utilities provider’s stock valued at $202,000 after buying an additional 2,226 shares in the last quarter. Mariner LLC grew its holdings in Consolidated Edison by 24.9% during the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock valued at $7,844,000 after buying an additional 18,270 shares in the last quarter. Comerica Bank bought a new position in shares of Consolidated Edison during the 3rd quarter valued at approximately $8,014,000. Finally, PGGM Investments boosted its position in shares of Consolidated Edison by 45.5% during the 3rd quarter. PGGM Investments now owns 53,476 shares of the utilities provider’s stock valued at $4,574,000 after acquiring an additional 16,729 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Up 0.5 %

ED traded up $0.41 during mid-day trading on Thursday, hitting $90.46. 201,333 shares of the stock were exchanged, compared to its average volume of 1,760,496. The firm’s fifty day moving average is $88.95 and its two-hundred day moving average is $89.53. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.92. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The company has a market cap of $31.25 billion, a PE ratio of 12.54, a PEG ratio of 8.24 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the prior year, the business earned $0.81 EPS. Consolidated Edison’s revenue was down 14.6% on a year-over-year basis. Equities analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Wednesday, February 14th were paid a $0.83 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend was Tuesday, February 13th. Consolidated Edison’s dividend payout ratio (DPR) is 46.24%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Consolidated Edison from $84.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 29th. Scotiabank increased their target price on Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, February 20th. UBS Group reduced their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Barclays increased their target price on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Finally, LADENBURG THALM/SH SH started coverage on Consolidated Edison in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price on the stock. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $87.96.

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.