Adirondack Trust Co. Cuts Stake in Consolidated Edison, Inc. (NYSE:ED)
Adirondack Trust Co. lowered its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 18.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,291 shares of the utilities provider’s stock after selling 300 shares during the period. Adirondack Trust Co.’s holdings in Consolidated Edison were worth $122,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in ED. Integrated Wealth Concepts LLC grew its stake in Consolidated Edison by 4.1% in the second quarter. Integrated Wealth Concepts LLC now owns 2,912 shares of the utilities provider’s stock valued at $255,000 after purchasing an additional 115 shares during the last quarter. Wilbanks Smith & Thomas Asset Management LLC grew its stake in Consolidated Edison by 2.7% in the second quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 4,380 shares of the utilities provider’s stock valued at $384,000 after purchasing an additional 116 shares during the last quarter. 6 Meridian grew its stake in Consolidated Edison by 1.9% in the second quarter. 6 Meridian now owns 6,295 shares of the utilities provider’s stock valued at $552,000 after purchasing an additional 117 shares during the last quarter. Valmark Advisers Inc. grew its stake in Consolidated Edison by 5.5% in the second quarter. Valmark Advisers Inc. now owns 2,510 shares of the utilities provider’s stock valued at $220,000 after purchasing an additional 131 shares during the last quarter. Finally, Round Table Services LLC grew its stake in Consolidated Edison by 2.3% in the second quarter. Round Table Services LLC now owns 6,140 shares of the utilities provider’s stock valued at $538,000 after purchasing an additional 138 shares during the last quarter. Hedge funds and other institutional investors own 59.75% of the company’s stock.
NYSE ED traded up $0.36 during trading on Wednesday, hitting $93.36. The company’s stock had a trading volume of 647,903 shares, compared to its average volume of 1,818,859. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.62 and a quick ratio of 0.56. The company has a market cap of $31.27 billion, a PE ratio of 21.61, a P/E/G ratio of 10.84 and a beta of 0.07. The business’s 50 day simple moving average is $91.03 and its 200-day simple moving average is $87.64. Consolidated Edison, Inc. has a fifty-two week low of $73.29 and a fifty-two week high of $94.97.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 3.17%. The ex-dividend date was Tuesday, August 13th. Consolidated Edison’s dividend payout ratio is presently 68.52%.
ED has been the topic of several analyst reports. ValuEngine lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Barclays reiterated a “hold” rating and issued a $90.00 target price on shares of Consolidated Edison in a research note on Thursday, June 20th. Credit Suisse Group cut their target price on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating on the stock in a research note on Thursday, August 8th. Finally, Morgan Stanley cut their target price on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating on the stock in a research note on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target 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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