Y Intercept Hong Kong Ltd Makes New $309,000 Investment in Consolidated Edison, Inc. (NYSE:ED)

Posted by Defense World Staff on Aug 18th, 2023

Y Intercept Hong Kong Ltd purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,227 shares of the utilities provider’s stock, valued at approximately $309,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ED. Brandywine Oak Private Wealth LLC bought a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $201,000. Nordea Investment Management AB raised its stake in shares of Consolidated Edison by 4.9% in the fourth quarter. Nordea Investment Management AB now owns 21,679 shares of the utilities provider’s stock valued at $2,084,000 after acquiring an additional 1,005 shares during the last quarter. Arete Wealth Advisors LLC bought a new position in shares of Consolidated Edison in the first quarter valued at approximately $519,380,000,000. CWA Asset Management Group LLC raised its stake in shares of Consolidated Edison by 4.4% in the first quarter. CWA Asset Management Group LLC now owns 4,080 shares of the utilities provider’s stock valued at $390,000 after acquiring an additional 172 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Consolidated Edison by 10.3% in the fourth quarter. First Trust Advisors LP now owns 1,010,189 shares of the utilities provider’s stock valued at $96,287,000 after acquiring an additional 94,143 shares during the last quarter. Institutional investors own 67.30% of the company’s stock.

Consolidated Edison Trading Down 0.7 %

ED opened at $88.25 on Friday. The stock has a market capitalization of $30.44 billion, a P/E ratio of 12.70, a P/E/G ratio of 9.02 and a beta of 0.36. Consolidated Edison, Inc. has a 12 month low of $78.10 and a 12 month high of $102.21. The firm’s fifty day simple moving average is $92.37 and its 200 day simple moving average is $94.02. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 0.99.

Consolidated Edison (NYSE:ED – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.58 by $0.03. The business had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Consolidated Edison had a net margin of 15.84% and a return on equity of 8.27%. During the same period in the previous year, the firm posted $0.64 EPS. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 4.86 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be given a dividend of $0.81 per share. The ex-dividend date is Tuesday, August 15th. This represents a $3.24 annualized dividend and a yield of 3.67%. Consolidated Edison’s dividend payout ratio (DPR) is presently 46.62%.

Analyst Ratings Changes

A number of research firms have recently issued reports on ED. 3M reiterated a “maintains” rating on shares of Consolidated Edison in a research note on Friday, May 5th. Guggenheim lowered their price target on shares of Consolidated Edison from $90.00 to $85.00 in a report on Friday, July 7th. JPMorgan Chase & Co. lowered their price target on shares of Consolidated Edison from $89.00 to $80.00 in a report on Wednesday, June 7th. StockNews.com initiated coverage on shares of Consolidated Edison in a report on Thursday. They set a “hold” rating for the company. Finally, Mizuho lifted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, July 21st. Five analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $90.77.

View Our Latest Stock Report on Consolidated Edison

Consolidated Edison 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.