MAI Capital Management boosted its position in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 10.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,294 shares of the utilities provider’s stock after acquiring an additional 899 shares during the quarter. MAI Capital Management’s holdings in Consolidated Edison were worth $889,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in ED. Brandywine Oak Private Wealth LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth $201,000. Nordea Investment Management AB raised its position in shares of Consolidated Edison by 4.9% during the 4th quarter. Nordea Investment Management AB now owns 21,679 shares of the utilities provider’s stock worth $2,084,000 after acquiring an additional 1,005 shares in the last quarter. Arete Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison during the 1st quarter worth about $519,380,000,000. CWA Asset Management Group LLC boosted its holdings in 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 purchasing an additional 172 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in 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 purchasing an additional 94,143 shares in the last quarter. Hedge funds and other institutional investors own 67.30% of the company’s stock.
Wall Street Analysts Forecast Growth
ED has been the subject of several recent analyst reports. Mizuho boosted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Wells Fargo & Company reduced their price target on shares of Consolidated Edison from $102.00 to $96.00 and set an “underweight” rating for the company in a research report on Friday, August 4th. Morgan Stanley reaffirmed an “underweight” rating and set a $74.00 price objective (up previously from $73.00) on shares of Consolidated Edison in a report on Friday, July 21st. Guggenheim reduced their target price on Consolidated Edison from $90.00 to $85.00 in a report on Friday, July 7th. Finally, Bank of America dropped their price target on Consolidated Edison from $103.00 to $96.00 and set a “buy” rating on the stock in a research note on Wednesday, August 16th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $90.77.
Consolidated Edison Price Performance
Shares of ED opened at $89.32 on Monday. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 0.99. The stock’s 50 day moving average is $92.28 and its two-hundred day moving average is $93.96. The firm has a market capitalization of $30.81 billion, a PE ratio of 12.85, a P/E/G ratio of 9.16 and a beta of 0.36. Consolidated Edison, Inc. has a twelve month low of $78.10 and a twelve month high of $102.21.
Consolidated Edison (NYSE:ED – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.03. The firm had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Consolidated Edison had a return on equity of 8.27% and a net margin of 15.84%. During the same quarter in the prior year, the business posted $0.64 earnings per share. Research analysts anticipate that Consolidated Edison, Inc. will post 4.88 earnings per share for the current year.
Consolidated Edison Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $3.24 dividend on an annualized basis and a yield of 3.63%. Consolidated Edison’s dividend payout ratio (DPR) is presently 46.62%.
About Consolidated Edison
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.
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