Moors & Cabot Inc. raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 210.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,856 shares of the utilities provider’s stock after purchasing an additional 21,610 shares during the quarter. Moors & Cabot Inc.’s holdings in Consolidated Edison were worth $3,008,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Spearhead Capital Advisors LLC lifted its holdings in shares of Consolidated Edison by 2.3% during the third quarter. Spearhead Capital Advisors LLC now owns 51,311 shares of the utilities provider’s stock worth $4,847,000 after buying an additional 1,152 shares in the last quarter. Centre Asset Management LLC acquired a new stake in shares of Consolidated Edison during the third quarter worth $427,000. Boston Trust Walden Corp lifted its holdings in shares of Consolidated Edison by 2.5% during the third quarter. Boston Trust Walden Corp now owns 628,416 shares of the utilities provider’s stock worth $59,366,000 after buying an additional 15,125 shares in the last quarter. Calamos Advisors LLC lifted its holdings in shares of Consolidated Edison by 11.2% during the third quarter. Calamos Advisors LLC now owns 118,163 shares of the utilities provider’s stock worth $11,163,000 after buying an additional 11,863 shares in the last quarter. Finally, Calamos Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the third quarter worth $232,000. 59.80% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on the company. Morgan Stanley dropped their target price on Consolidated Edison from $90.00 to $89.00 and set an “underweight” rating for the company in a report on Thursday, October 17th. KeyCorp lifted their target price on Consolidated Edison from $98.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday. ValuEngine downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Wells Fargo & Co lifted their target price on Consolidated Edison from $94.00 to $95.00 and gave the stock a “market perform” rating in a report on Monday. Finally, Credit Suisse Group dropped their target price on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $88.73.
ED stock traded up $0.23 during midday trading on Tuesday, reaching $92.91. The company had a trading volume of 444,014 shares, compared to its average volume of 1,315,218. The company has a market capitalization of $30.39 billion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 10.53 and a beta of 0.07. The stock has a 50 day moving average price of $91.95 and a 200-day moving average price of $88.06. Consolidated Edison, Inc. has a 1-year low of $73.29 and a 1-year high of $94.97. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.62 and a quick ratio of 0.56.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.02). The company had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.67 billion. Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. During the same period last year, the firm earned $0.61 EPS. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 4.34 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Tuesday, November 12th. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.
Consolidated Edison Profile
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.
See Also: Net Asset Value
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