OLD National Bancorp IN Sells 5,694 Shares of Consolidated Edison, Inc. (NYSE:ED)

OLD National Bancorp IN trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 38.4% during the fourth quarter, HoldingsChannel reports. The firm owned 9,138 shares of the utilities provider’s stock after selling 5,694 shares during the quarter. OLD National Bancorp IN’s holdings in Consolidated Edison were worth $831,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. raised its stake in Consolidated Edison by 215.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the period. Level Financial Advisors Inc. purchased a new position in Consolidated Edison during the 3rd quarter valued at about $26,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Consolidated Edison during the fourth quarter worth about $29,000. Bruce G. Allen Investments LLC purchased a new position in shares of Consolidated Edison during the fourth quarter worth about $31,000. Finally, CVA Family Office LLC purchased a new position in shares of Consolidated Edison during the fourth quarter worth about $32,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Trading Up 0.1 %

NYSE ED opened at $92.83 on Wednesday. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $100.92. The stock has a market cap of $32.07 billion, a P/E ratio of 12.93, a P/E/G ratio of 8.75 and a beta of 0.35. The stock’s fifty day moving average price is $89.16 and its 200-day moving average price is $89.80. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 EPS 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 firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter last year, the company earned $0.81 earnings per share. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 46.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ED shares. LADENBURG THALM/SH SH started coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price objective for the company. UBS Group dropped their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Scotiabank dropped their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Finally, Barclays boosted their target price on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $87.54.

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.