Boston Advisors LLC purchased a new position in Consolidated Edison, Inc. (NYSE:ED) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,372 shares of the utilities provider’s stock, valued at approximately $201,000.
Other hedge funds have also bought and sold shares of the company. Financial Gravity Companies Inc. bought a new stake in Consolidated Edison during the fourth quarter valued at about $28,000. Financial Gravity Wealth Inc. bought a new stake in Consolidated Edison during the first quarter valued at about $32,000. Sontag Advisory LLC bought a new stake in Consolidated Edison during the fourth quarter valued at about $30,000. Orrstown Financial Services Inc. bought a new stake in Consolidated Edison during the fourth quarter valued at about $31,000. Finally, Legacy Advisors LLC bought a new stake in Consolidated Edison during the first quarter valued at about $34,000. Institutional investors and hedge funds own 59.86% of the company’s stock.
A number of equities research analysts recently weighed in on the company. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Credit Suisse Group set a $80.00 price objective on Consolidated Edison and gave the company a “sell” rating in a research report on Monday, April 22nd. Morgan Stanley raised their price target on Consolidated Edison from $86.00 to $87.00 and gave the stock an “underweight” rating in a report on Thursday, May 16th. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Monday, February 25th. Finally, Bank of America raised Consolidated Edison from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Consolidated Edison presently has an average rating of “Hold” and an average price target of $78.92.
ED stock traded up $0.83 during trading on Wednesday, hitting $87.52. 965,693 shares of the company traded hands, compared to its average volume of 2,034,895. The company has a current ratio of 0.60, a quick ratio of 0.54 and a debt-to-equity ratio of 1.01. The stock has a market cap of $28.35 billion, a P/E ratio of 20.26, a P/E/G ratio of 9.99 and a beta of 0.13. Consolidated Edison, Inc. has a 1 year low of $71.12 and a 1 year high of $87.70.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.04. The company had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. During the same period last year, the business earned $1.38 earnings per share. On average, research analysts predict that Consolidated Edison, Inc. will post 4.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be given a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 68.52%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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