International Assets Investment Management LLC Acquires 23,278 Shares of Consolidated Edison, Inc. (NYSE:ED)

Posted by Defense World Staff on Apr 12th, 2023

International Assets Investment Management LLC boosted its holdings in Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 491.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,011 shares of the utilities provider’s stock after buying an additional 23,278 shares during the quarter. International Assets Investment Management LLC’s holdings in Consolidated Edison were worth $783,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ED. Vanguard Group Inc. lifted its position in shares of Consolidated Edison by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 42,918,192 shares of the utilities provider’s stock worth $3,680,664,000 after purchasing an additional 483,980 shares during the period. Marshall Wace LLP lifted its position in shares of Consolidated Edison by 98.8% in the 3rd quarter. Marshall Wace LLP now owns 740,044 shares of the utilities provider’s stock worth $63,464,000 after purchasing an additional 367,856 shares during the period. Amundi lifted its position in shares of Consolidated Edison by 25.8% in the 2nd quarter. Amundi now owns 1,601,465 shares of the utilities provider’s stock worth $150,230,000 after purchasing an additional 328,235 shares during the period. Royal Bank of Canada lifted its position in shares of Consolidated Edison by 27.6% in the 3rd quarter. Royal Bank of Canada now owns 1,360,277 shares of the utilities provider’s stock worth $116,655,000 after purchasing an additional 294,564 shares during the period. Finally, UBS Asset Management Americas Inc. lifted its position in shares of Consolidated Edison by 7.4% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 4,087,000 shares of the utilities provider’s stock worth $350,501,000 after purchasing an additional 281,500 shares during the period. Institutional investors own 64.95% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED stock opened at $99.11 on Wednesday. The firm has a market capitalization of $34.34 billion, a PE ratio of 21.22, a price-to-earnings-growth ratio of 10.22 and a beta of 0.37. The firm has a fifty day simple moving average of $93.48 and a two-hundred day simple moving average of $92.60. The company has a current ratio of 1.14, a quick ratio of 1.10 and a debt-to-equity ratio of 0.96. Consolidated Edison, Inc. has a 12 month low of $78.10 and a 12 month high of $102.21.

Consolidated Edison (NYSE:ED – Get Rating) last announced its quarterly earnings results on Thursday, February 16th. The utilities provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.03. Consolidated Edison had a net margin of 10.59% and a return on equity of 7.79%. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $3.18 billion. During the same quarter in the previous year, the business posted $1.00 EPS. Consolidated Edison’s quarterly revenue was up 18.0% on a year-over-year basis. Analysts forecast that Consolidated Edison, Inc. will post 4.84 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, February 15th were paid a $0.81 dividend. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.79. The ex-dividend date was Tuesday, February 14th. This represents a $3.24 annualized dividend and a dividend yield of 3.27%. Consolidated Edison’s dividend payout ratio is presently 69.38%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $87.00 to $98.00 in a research report on Wednesday, December 14th. Royal Bank of Canada boosted their target price on shares of Consolidated Edison from $94.00 to $95.00 and gave the company a “sector perform” rating in a research report on Monday, February 27th. Mizuho dropped their target price on shares of Consolidated Edison from $98.00 to $92.00 and set a “neutral” rating on the stock in a research report on Friday, February 17th. JPMorgan Chase & Co. dropped their target price on shares of Consolidated Edison from $88.00 to $87.00 and set an “underweight” rating on the stock in a research report on Thursday, February 2nd. Finally, Morgan Stanley dropped their target price on shares of Consolidated Edison from $76.00 to $70.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 21st. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $90.50.

About Consolidated Edison

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Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.