NorthCrest Asset Manangement LLC Purchases 5,997 Shares of Consolidated Edison, Inc. (NYSE:ED)

Posted by Defense World Staff on Jul 12th, 2023

NorthCrest Asset Manangement LLC grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) by 213.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,801 shares of the utilities provider’s stock after acquiring an additional 5,997 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Consolidated Edison were worth $842,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ED. Roundview Capital LLC acquired a new position in shares of Consolidated Edison during the first quarter valued at about $680,000. Dimensional Fund Advisors LP increased its holdings in shares of Consolidated Edison by 22.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,030,616 shares of the utilities provider’s stock valued at $97,579,000 after acquiring an additional 190,138 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Consolidated Edison by 54.4% during the first quarter. Sei Investments Co. now owns 18,204 shares of the utilities provider’s stock valued at $1,693,000 after acquiring an additional 6,412 shares in the last quarter. Cetera Investment Advisers increased its holdings in shares of Consolidated Edison by 1.3% during the first quarter. Cetera Investment Advisers now owns 19,489 shares of the utilities provider’s stock valued at $1,845,000 after acquiring an additional 254 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Consolidated Edison during the first quarter valued at about $214,000. Institutional investors and hedge funds own 67.30% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on ED. StockNews.com began coverage on Consolidated Edison in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. dropped their target price on Consolidated Edison from $89.00 to $80.00 in a research report on Wednesday, June 7th. Argus upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a research report on Wednesday, March 22nd. 3M reiterated a “maintains” rating on shares of Consolidated Edison in a research report on Friday, May 5th. Finally, Guggenheim dropped their target price on Consolidated Edison from $90.00 to $85.00 in a research report on Friday, July 7th. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and an average target price of $90.00.

Consolidated Edison Trading Up 1.3 %

Consolidated Edison stock opened at $92.54 on Wednesday. The company has a current ratio of 1.20, a quick ratio of 1.11 and a debt-to-equity ratio of 0.99. Consolidated Edison, Inc. has a 12 month low of $78.10 and a 12 month high of $102.21. The stock’s 50 day simple moving average is $93.80 and its two-hundred day simple moving average is $94.56. The firm has a market cap of $32.07 billion, a PE ratio of 13.18, a P/E/G ratio of 9.48 and a beta of 0.36.

Consolidated Edison (NYSE:ED – Get Free Report) last announced its earnings results on Thursday, May 4th. The utilities provider reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.21. Consolidated Edison had a return on equity of 8.36% and a net margin of 15.56%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the firm posted $1.47 EPS. The business’s revenue was up 8.4% on a year-over-year basis. Analysts anticipate that Consolidated Edison, Inc. will post 4.86 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Wednesday, May 17th were given a dividend of $0.81 per share. The ex-dividend date was Tuesday, May 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.50%. Consolidated Edison’s dividend payout ratio (DPR) is 46.15%.

Consolidated Edison Company Profile

(Free Report)

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.6 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 1,530 customers in parts of Manhattan.