Shell Asset Management Co. Cuts Stock Position in Consolidated Edison Inc $ED

Shell Asset Management Co. decreased its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 52.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,084 shares of the utilities provider’s stock after selling 18,567 shares during the quarter. Shell Asset Management Co.’s holdings in Consolidated Edison were worth $1,717,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ED. Salomon & Ludwin LLC boosted its stake in Consolidated Edison by 270.4% during the third quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock worth $30,000 after buying an additional 219 shares during the period. Bogart Wealth LLC raised its stake in shares of Consolidated Edison by 886.5% in the second quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 328 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Consolidated Edison during the 3rd quarter worth approximately $38,000. True Wealth Design LLC boosted its stake in Consolidated Edison by 392.1% in the third quarter. True Wealth Design LLC now owns 497 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 396 shares in the last quarter. Finally, Webster Bank N. A. boosted its holdings in shares of Consolidated Edison by 67.8% in the third quarter. Webster Bank N. A. now owns 495 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 200 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. UBS Group boosted their price target on shares of Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a research note on Friday, January 23rd. Barclays cut their price target on Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating for the company in a report on Thursday, January 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday, December 29th. Wells Fargo & Company dropped their target price on Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 20th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $96.00 price target on shares of Consolidated Edison in a research note on Wednesday, January 21st. 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 has an average rating of “Reduce” and a consensus price target of $104.20.

Insider Activity at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total transaction of $220,521.64. Following the transaction, the director owned 38,661 shares in the company, valued at $3,745,864.29. This trade represents a 5.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.17% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED opened at $113.59 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. The business’s fifty day moving average price is $102.16 and its 200 day moving average price is $100.59. Consolidated Edison Inc has a 12-month low of $94.50 and a 12-month high of $114.87. The stock has a market capitalization of $41.00 billion, a PE ratio of 19.86, a price-to-earnings-growth ratio of 3.10 and a beta of 0.38.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, February 18th will be issued a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, February 18th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.85. This represents a $3.55 annualized dividend and a yield of 3.1%. Consolidated Edison’s dividend payout ratio is currently 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.