Wealthtrust Axiom Lowers stake in Consolidated Edison (ED)

Consolidated Edison (ED) : Wealthtrust Axiom reduced its stake in Consolidated Edison by 0.89% during the most recent quarter end. The investment management company now holds a total of 31,704 shares of Consolidated Edison which is valued at $2,518,249 after selling 285 shares in Consolidated Edison , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.Consolidated Edison makes up approximately 0.95% of Wealthtrust Axiom’s portfolio.

Other Hedge Funds, Including , American Century Companies Inc boosted its stake in ED in the latest quarter, The investment management firm added 296,707 additional shares and now holds a total of 1,401,412 shares of Consolidated Edison which is valued at $111,314,155. Consolidated Edison makes up approx 0.12% of American Century Companies Inc’s portfolio.Kanaly Trust Co boosted its stake in ED in the latest quarter, The investment management firm added 215 additional shares and now holds a total of 11,470 shares of Consolidated Edison which is valued at $931,135. Consolidated Edison makes up approx 0.19% of Kanaly Trust Co’s portfolio.Cibc World Markets reduced its stake in ED by selling 1,667 shares or 8.98% in the most recent quarter. The Hedge Fund company now holds 16,901 shares of ED which is valued at $1,372,023. Consolidated Edison makes up approx 0.01% of Cibc World Markets’s portfolio. Ruane Cunniff Goldfarb Inc sold out all of its stake in ED during the most recent quarter. The investment firm sold 2,974 shares of ED which is valued $235,124.American Investment Services reduced its stake in ED by selling 1,534 shares or 9.64% in the most recent quarter. The Hedge Fund company now holds 14,371 shares of ED which is valued at $1,141,345. Consolidated Edison makes up approx 0.48% of American Investment Services’s portfolio.

Consolidated Edison opened for trading at $79.78 and hit $80.85 on the upside on Friday, eventually ending the session at $80.08, with a gain of 0.25% or 0.2 points. The heightened volatility saw the trading volume jump to 23,38,524 shares. Company has a market cap of $23,543 M.

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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