Rhumbline Advisers Sells 29,756 Shares of Consolidated Edison Inc $ED

Rhumbline Advisers trimmed its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 3.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 783,643 shares of the utilities provider’s stock after selling 29,756 shares during the quarter. Rhumbline Advisers owned about 0.22% of Consolidated Edison worth $78,772,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC increased its holdings in shares of Consolidated Edison by 13.6% during the 2nd quarter. Golden State Wealth Management LLC now owns 837 shares of the utilities provider’s stock valued at $84,000 after acquiring an additional 100 shares during the last quarter. Certuity LLC boosted its position in Consolidated Edison by 2.7% during the second quarter. Certuity LLC now owns 3,743 shares of the utilities provider’s stock worth $376,000 after purchasing an additional 100 shares during the period. Stephens Inc. AR boosted its position in Consolidated Edison by 0.8% during the third quarter. Stephens Inc. AR now owns 13,791 shares of the utilities provider’s stock worth $1,386,000 after purchasing an additional 105 shares during the period. HighPoint Advisor Group LLC grew its holdings in Consolidated Edison by 0.7% during the third quarter. HighPoint Advisor Group LLC now owns 14,811 shares of the utilities provider’s stock valued at $1,489,000 after purchasing an additional 110 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC raised its position in shares of Consolidated Edison by 3.2% in the third quarter. Fifth Third Wealth Advisors LLC now owns 3,613 shares of the utilities provider’s stock valued at $363,000 after purchasing an additional 111 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Insider Activity

In related news, Director John F. Killian sold 2,276 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the completion of the transaction, the director directly owned 38,661 shares in the company, valued at approximately $3,745,864.29. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ED shares. JPMorgan Chase & Co. decreased their price objective on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a report on Friday, December 12th. Morgan Stanley restated an “underweight” rating and set a $96.00 price target on shares of Consolidated Edison in a report on Wednesday, January 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday, December 29th. UBS Group boosted their price objective on Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Finally, Barclays lowered their target price on Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating on the stock in a report on Thursday, January 22nd. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $104.20.

Consolidated Edison Stock Up 1.6%

NYSE ED opened at $111.65 on Friday. Consolidated Edison Inc has a twelve month low of $94.49 and a twelve month high of $114.87. The stock has a market cap of $40.30 billion, a PE ratio of 19.52, a PEG ratio of 2.99 and a beta of 0.38. The firm has a 50-day simple moving average of $101.82 and a 200 day simple moving average of $100.53. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Wednesday, February 18th will be issued a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, February 18th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s payout ratio is 59.44%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.