Smith Moore & CO. Reduces Position in Consolidated Edison, Inc. (ED)

Smith Moore & CO. lessened its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.4% during the first quarter, Holdings Channel reports. The institutional investor owned 2,501 shares of the utilities provider’s stock after selling 200 shares during the quarter. Smith Moore & CO.’s holdings in Consolidated Edison were worth $212,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Financial Gravity Companies Inc. purchased a new position in shares of Consolidated Edison in the 4th quarter valued at approximately $28,000. Sontag Advisory LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $30,000. Field & Main Bank acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $30,000. Orrstown Financial Services Inc. acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $31,000. Finally, Financial Gravity Wealth Inc. acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $32,000. Hedge funds and other institutional investors own 59.86% of the company’s stock.

Shares of NYSE:ED traded up $0.51 during midday trading on Tuesday, reaching $87.52. The company’s stock had a trading volume of 267,694 shares, compared to its average volume of 2,033,554. The company has a market cap of $28.60 billion, a P/E ratio of 20.26, a P/E/G ratio of 9.99 and a beta of 0.13. The company has a quick ratio of 0.54, a current ratio of 0.60 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 1 year low of $71.12 and a 1 year high of $87.65.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.04. The business had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. During the same quarter in the previous year, the business earned $1.38 earnings per share. Sell-side analysts expect that Consolidated Edison, Inc. will post 4.35 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Wednesday, May 15th will be given a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 68.52%.

ED has been the subject of several recent analyst reports. Bank of America raised Consolidated Edison from a “neutral” rating to a “buy” rating and reduced their price target for the company from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price objective for the company. in a report on Tuesday, February 12th. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a report on Friday, March 1st. Morgan Stanley lifted their price objective on Consolidated Edison from $78.00 to $81.00 and gave the stock an “underweight” rating in a report on Tuesday, February 12th. Finally, Credit Suisse Group lifted their price objective on Consolidated Edison from $77.00 to $78.00 and gave the company an “underperform” rating in a research report on Monday, February 25th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Consolidated Edison has a consensus rating of “Hold” and an average target price of $78.92.

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Consolidated Edison Company Profile

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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