Laurel Wealth Advisors Lowers stake in Consolidated Edison (ED)

Consolidated Edison (ED) : Laurel Wealth Advisors reduced its stake in Consolidated Edison by 1.32% during the most recent quarter end. The investment management company now holds a total of 58,129 shares of Consolidated Edison which is valued at $4,672,409 after selling 775 shares in Consolidated Edison , the firm said in a disclosure report filed with the SEC on Jul 6, 2016.Consolidated Edison makes up approximately 2.28% of Laurel Wealth Advisors’s portfolio.

Other Hedge Funds, Including , Iowa State Bank boosted its stake in ED in the latest quarter, The investment management firm added 2,530 additional shares and now holds a total of 14,081 shares of Consolidated Edison which is valued at $1,131,831. Consolidated Edison makes up approx 0.57% of Iowa State Bank’s portfolio. Pensionfund Sabic sold out all of its stake in ED during the most recent quarter. The investment firm sold 21,000 shares of ED which is valued $1,715,070.

Consolidated Edison closed down -0.18 points or -0.22% at $80.2 with 24,40,492 shares getting traded on Monday. Post opening the session at $79.93, the shares hit an intraday low of $79.0914 and an intraday high of $80.48 and the price fluctuated in this range throughout the day.Shares ended Monday 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 .

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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