First Trust Advisors LP Sells 430,717 Shares of Consolidated Edison Inc $ED

First Trust Advisors LP lessened its stake in shares of Consolidated Edison Inc (NYSE:ED) by 31.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 947,533 shares of the utilities provider’s stock after selling 430,717 shares during the period. First Trust Advisors LP’s holdings in Consolidated Edison were worth $107,242,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GW&K Investment Management LLC lifted its holdings in Consolidated Edison by 28.5% during the 4th quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 93 shares during the last quarter. bLong Financial LLC raised its position in shares of Consolidated Edison by 1.3% in the 4th quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider’s stock valued at $772,000 after buying an additional 100 shares in the last quarter. Sachetta LLC increased its stake in shares of Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 102 shares during the last quarter. Bridgewater Advisors Inc. raised its stake in Consolidated Edison by 1.6% during the fourth quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider’s stock worth $689,000 after acquiring an additional 105 shares in the last quarter. Finally, Frank Rimerman Advisors LLC increased its holdings in shares of Consolidated Edison by 1.3% during the first quarter. Frank Rimerman Advisors LLC now owns 8,275 shares of the utilities provider’s stock worth $937,000 after buying an additional 105 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

ED opened at $112.97 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. Consolidated Edison Inc has a 52-week low of $94.96 and a 52-week high of $116.23. The stock has a market capitalization of $41.63 billion, a PE ratio of 19.02, a price-to-earnings-growth ratio of 2.93 and a beta of 0.27. The stock’s 50 day moving average price is $109.04 and its 200-day moving average price is $109.01.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be given a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a yield of 3.1%. Consolidated Edison’s payout ratio is 59.76%.

Analysts Set New Price Targets

ED has been the subject of several recent research reports. Morgan Stanley restated an “underweight” rating on shares of Consolidated Edison in a research report on Wednesday. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 price target on shares of Consolidated Edison in a research report on Thursday, May 14th. Wells Fargo & Company set a $98.00 price objective on Consolidated Edison in a research report on Tuesday, April 21st. Barclays lowered their target price on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research note on Monday, May 11th. Finally, KeyCorp lowered their target price on shares of Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating on the stock in a report on Thursday. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have given a Sell rating to the stock. According to MarketBeat, Consolidated Edison has a consensus rating of “Reduce” and an average price target of $107.87.

About Consolidated Edison

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.