Stevens Capital Management LP Reduces Stock Position in Consolidated Edison Inc $ED

Stevens Capital Management LP decreased its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 14.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 6,592 shares of the utilities provider’s stock after selling 1,126 shares during the quarter. Stevens Capital Management LP’s holdings in Consolidated Edison were worth $662,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Capital Advisors Ltd. LLC boosted its stake in Consolidated Edison by 53.2% in the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock valued at $32,000 after acquiring an additional 109 shares in the last quarter. Financial Network Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison during the first quarter worth about $33,000. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 120 shares during the last quarter. Bogart Wealth LLC boosted its position in shares of Consolidated Edison by 886.5% in the 2nd quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 328 shares during the period. Finally, SJS Investment Consulting Inc. boosted its position in shares of Consolidated Edison by 1,677.3% in the 2nd quarter. SJS Investment Consulting Inc. now owns 391 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 369 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on ED shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Consolidated Edison in a research report on Monday. Bank of America lowered shares of Consolidated Edison from a “buy” rating to an “underperform” rating and dropped their price objective for the company from $112.00 to $101.00 in a research note on Friday, August 15th. KeyCorp upped their target price on shares of Consolidated Edison from $88.00 to $90.00 and gave the company an “underweight” rating in a report on Wednesday, October 15th. Barclays decreased their target price on shares of Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating for the company in a research note on Monday, November 10th. Finally, Evercore ISI initiated coverage on Consolidated Edison in a research note on Tuesday, October 7th. They set an “in-line” rating and a $106.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average price target of $104.58.

Consolidated Edison Stock Performance

NYSE ED opened at $99.86 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The business has a fifty day moving average of $99.41 and a 200-day moving average of $100.92. The stock has a market cap of $36.04 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 2.70 and a beta of 0.32.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.76 by $0.14. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.During the same period in the previous year, the business posted $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. As a group, analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Wednesday, November 19th will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, November 19th. This represents a $3.40 annualized dividend and a yield of 3.4%. Consolidated Edison’s payout ratio is currently 59.44%.

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.