Apriem Advisors buys $5.3 Million stake in Consolidated Edison (ED)

Consolidated Edison (ED) : Apriem Advisors scooped up 1,204 additional shares in Consolidated Edison during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 70,815 shares of Consolidated Edison which is valued at $5.3 Million.Consolidated Edison makes up approximately 2.09% of Apriem Advisors’s portfolio.

Other Hedge Funds, Including , Symons Capital Management Inc boosted its stake in ED in the latest quarter, The investment management firm added 4,830 additional shares and now holds a total of 238,695 shares of Consolidated Edison which is valued at $17.8 Million. Consolidated Edison makes up approx 4.42% of Symons Capital Management Inc’s portfolio.Wesbanco Bank Inc reduced its stake in ED by selling 570 shares or 3.84% in the most recent quarter. The Hedge Fund company now holds 14,289 shares of ED which is valued at $1.1 Million. Consolidated Edison makes up approx 0.06% of Wesbanco Bank Inc’s portfolio.Archford Capital Strategies reduced its stake in ED by selling 737 shares or 6.76% in the most recent quarter. The Hedge Fund company now holds 10,166 shares of ED which is valued at $758,587. Consolidated Edison makes up approx 0.36% of Archford Capital Strategies’s portfolio.Kcm Investment Advisors reduced its stake in ED by selling 7,473 shares or 52.93% in the most recent quarter. The Hedge Fund company now holds 6,645 shares of ED which is valued at $495,850. Consolidated Edison makes up approx 0.04% of Kcm Investment Advisors’s portfolio.Bruderman Asset Management reduced its stake in ED by selling 41,038 shares or 70.58% in the most recent quarter. The Hedge Fund company now holds 17,110 shares of ED which is valued at $1.3 Million. Consolidated Edison makes up approx 0.45% of Bruderman Asset Management’s portfolio.

Consolidated Edison closed down -0.35 points or -0.49% at $71.79 with 17,40,271 shares getting traded on Wednesday. Post opening the session at $71.97, the shares hit an intraday low of $71.4 and an intraday high of $72.0501 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Consolidated Edison reported $0.60 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Feb 18, 2016. Analyst had a consensus of $0.54. The company had revenue of $2707.00 million for the quarter, compared to analysts expectations of $2833.85 million. The company’s revenue was down -4.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.28 EPS.

Many Wall Street Analysts have commented on Consolidated Edison. Company shares were Reiterated by Mizuho on May 12, 2016 to “Neutral”, Firm has raised the Price Target to $ 72 from a previous price target of $66 .Company shares were Reiterated by Barclays on Feb 22, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 70 from a previous price target of $67 .

Consolidated Edison Inc. (Con Edison) is a holding company. The Company operates through its subsidiaries which include Consolidated Edison Company of New York Inc. (CECONY) Orange and Rockland Utilities Inc. (O&R) and the Competitive Energy Businesses. CECONY delivers electricity natural gas and steam to customers in New York City and Westchester County. Orange and Rockland Utilities Inc. (O&R) delivers electricity and natural gas to customers located in south-eastern New York northern New Jersey and north-eastern Pennsylvania. O&R’s utility subsidiaries include Rockland Electric Company and Pike County Light & Power Company. Competitive energy businesses provide retail and wholesale electricity supply and energy services. The Competitive Energy Businesses include three subsidiaries: Consolidated Edison Solutions Inc. (Con Edison Solutions); Consolidated Edison Energy Inc. (Con Edison Energy) and Consolidated Edison Development Inc. (Con Edison Development).

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