DT Investment Partners LLC grew its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 32,324 shares of the utilities provider’s stock after acquiring an additional 704 shares during the period. DT Investment Partners LLC’s holdings in Consolidated Edison were worth $2,741,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of ED. Standard Life Aberdeen plc lifted its holdings in shares of Consolidated Edison by 5.0% during the third quarter. Standard Life Aberdeen plc now owns 209,895 shares of the utilities provider’s stock valued at $15,992,000 after acquiring an additional 9,956 shares during the period. JPMorgan Chase & Co. increased its position in Consolidated Edison by 29.7% in the third quarter. JPMorgan Chase & Co. now owns 635,902 shares of the utilities provider’s stock worth $48,448,000 after purchasing an additional 145,599 shares during the period. Kentucky Retirement Systems acquired a new stake in Consolidated Edison in the third quarter worth about $1,337,000. Legal & General Group Plc grew its position in shares of Consolidated Edison by 9.1% during the 3rd quarter. Legal & General Group Plc now owns 3,543,862 shares of the utilities provider’s stock worth $269,955,000 after buying an additional 296,813 shares during the period. Finally, Carnegie Capital Asset Management LLC grew its position in shares of Consolidated Edison by 83.0% during the 3rd quarter. Carnegie Capital Asset Management LLC now owns 6,598 shares of the utilities provider’s stock worth $505,000 after buying an additional 2,993 shares during the period. Hedge funds and other institutional investors own 59.21% of the company’s stock.
ED has been the topic of several recent analyst reports. Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price objective on the stock. in a report on Tuesday, February 12th. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a report on Wednesday, February 13th. Credit Suisse Group set a $80.00 target price on Consolidated Edison and gave the stock a “sell” rating in a report on Monday, April 22nd. ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Friday, March 1st. Finally, Bank of America upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $96.00 to $94.00 in a research 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 given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $78.92.
Shares of ED stock traded down $0.24 during trading hours on Friday, reaching $88.14. The company had a trading volume of 1,069,002 shares, compared to its average volume of 2,018,624. The firm has a market capitalization of $28.91 billion, a PE ratio of 20.40, a P/E/G ratio of 9.96 and a beta of 0.13. Consolidated Edison, Inc. has a 12 month low of $71.12 and a 12 month high of $88.92. The company has a quick ratio of 0.54, a current ratio of 0.60 and a debt-to-equity ratio of 1.01.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.04. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. The business had revenue of $3.51 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same period last year, the company posted $1.38 earnings per share. On average, equities research analysts anticipate that Consolidated Edison, Inc. will post 4.35 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Wednesday, May 15th will be given a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 3.36%. 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.
Featured Story: Elliott Wave Theory
Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.