Russell Investments Group Ltd. Has $36.50 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Russell Investments Group Ltd. reduced its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 401,335 shares of the utilities provider’s stock after selling 6,473 shares during the quarter. Russell Investments Group Ltd.’s holdings in Consolidated Edison were worth $36,504,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ED. Valeo Financial Advisors LLC increased its stake in shares of Consolidated Edison by 13.5% in the third quarter. Valeo Financial Advisors LLC now owns 2,557 shares of the utilities provider’s stock valued at $219,000 after buying an additional 305 shares in the last quarter. PDS Planning Inc acquired a new stake in shares of Consolidated Edison in the third quarter valued at $203,000. RMR Wealth Builders increased its stake in shares of Consolidated Edison by 8.5% in the third quarter. RMR Wealth Builders now owns 5,325 shares of the utilities provider’s stock valued at $455,000 after buying an additional 415 shares in the last quarter. Toews Corp ADV bought a new position in Consolidated Edison in the third quarter valued at about $753,000. Finally, Kingswood Wealth Advisors LLC bought a new position in Consolidated Edison in the third quarter valued at about $826,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ED has been the topic of several recent research reports. UBS Group decreased their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Royal Bank of Canada decreased their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. LADENBURG THALM/SH SH initiated coverage on Consolidated Edison in a report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target on the stock. Finally, Scotiabank decreased their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $87.54.

Consolidated Edison Price Performance

Shares of ED opened at $94.40 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The stock has a 50 day simple moving average of $89.79 and a 200 day simple moving average of $90.01. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $100.44. The firm has a market capitalization of $32.62 billion, a PE ratio of 13.15, a P/E/G ratio of 8.75 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same period in the previous year, the firm earned $0.81 EPS. Consolidated Edison’s quarterly revenue was down 14.6% compared to the same quarter last year. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.52%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is 46.24%.

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.