Boothbay Fund Management LLC Decreases Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Boothbay Fund Management LLC reduced its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 57.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,878 shares of the utilities provider’s stock after selling 3,863 shares during the quarter. Boothbay Fund Management LLC’s holdings in Consolidated Edison were worth $257,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ED. Wilmington Savings Fund Society FSB bought a new stake in shares of Consolidated Edison in the 3rd quarter worth about $776,000. JPMorgan Chase & Co. lifted its stake in shares of Consolidated Edison by 4.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after purchasing an additional 82,985 shares during the last quarter. Hennessy Advisors Inc. increased its position in shares of Consolidated Edison by 2.8% during the 4th quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock valued at $12,772,000 after purchasing an additional 3,900 shares during the last quarter. Gateway Investment Advisers LLC raised its holdings in Consolidated Edison by 102.7% during the 4th quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock valued at $38,394,000 after buying an additional 217,981 shares during the period. Finally, Jones Financial Companies Lllp increased its position in Consolidated Edison by 81.4% during the fourth quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock valued at $885,000 after acquiring an additional 4,451 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $110.07 on Friday. The company has a market capitalization of $39.65 billion, a PE ratio of 21.01, a P/E/G ratio of 3.05 and a beta of 0.27. The company has a 50-day simple moving average of $107.80 and a two-hundred day simple moving average of $99.85. Consolidated Edison, Inc. has a one year low of $87.28 and a one year high of $114.87. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter last year, the firm earned $2.15 EPS. Research analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.09%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 64.89%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ED. Citigroup upped their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, April 9th. Wells Fargo & Company upped their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research report on Friday. Morgan Stanley set a $94.00 price target on shares of Consolidated Edison and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Guggenheim lifted their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a report on Friday. Finally, Mizuho upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $105.70.

About Consolidated Edison

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.