Murphy Capital Management Inc. Sells 1,755 Shares of Consolidated Edison, Inc. (NYSE:ED)

Murphy Capital Management Inc. lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,048 shares of the utilities provider’s stock after selling 1,755 shares during the quarter. Murphy Capital Management Inc.’s holdings in Consolidated Edison were worth $2,555,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. FTB Advisors Inc. raised its holdings in shares of Consolidated Edison by 220.2% during the second quarter. FTB Advisors Inc. now owns 285 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 196 shares in the last quarter. Krane Funds Advisors LLC bought a new position in Consolidated Edison in the second quarter worth $25,000. Coastal Capital Group Inc. bought a new position in Consolidated Edison in the second quarter worth $26,000. Interactive Financial Advisors bought a new position in Consolidated Edison in the first quarter worth $34,000. Finally, Salomon & Ludwin LLC bought a new position in Consolidated Edison in the second quarter worth $36,000. Institutional investors own 59.75% of the company’s stock.

Shares of NYSE:ED traded down $0.32 on Friday, hitting $92.73. 55,857 shares of the company traded hands, compared to its average volume of 1,502,096. Consolidated Edison, Inc. has a 52 week low of $73.29 and a 52 week high of $94.97. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 1.03. The stock has a 50 day simple moving average of $91.14 and a 200-day simple moving average of $87.69. The company has a market cap of $30.89 billion, a PE ratio of 21.46, a PEG ratio of 10.71 and a beta of 0.07.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 earnings per share for the quarter, missing the 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 company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the previous year, the business earned $0.61 earnings per share. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.34 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were issued a dividend of $0.74 per share. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $2.96 annualized dividend and a dividend yield of 3.19%. Consolidated Edison’s payout ratio is presently 68.52%.

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

Consolidated Edison 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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