Pensionfund DSM Netherlands acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 43,000 shares of the utilities provider’s stock, valued at approximately $3,216,000.
Other hedge funds also recently added to or reduced their stakes in the company. West Financial Advisors LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $29,000. Crescent Capital Consulting LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $30,000. Financial Avengers Inc. acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $30,000. Retirement Group LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $32,000. Finally, SRS Capital Advisors Inc. acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $32,000. 62.44% of the stock is currently owned by institutional investors.
ED has been the topic of a number of research reports. Morgan Stanley raised their target price on shares of Consolidated Edison from $65.00 to $67.00 and gave the stock an “underweight” rating in a research report on Thursday, March 25th. Evercore ISI lowered shares of Consolidated Edison from an “in-line” rating to an “underperform” rating in a research report on Thursday, January 21st. TheStreet lowered shares of Consolidated Edison from a “b-” rating to a “c” rating in a research report on Monday, March 22nd. Credit Suisse Group restated an “underperform” rating and set a $65.00 target price (down from $75.00) on shares of Consolidated Edison in a research report on Monday, March 1st. Finally, Mizuho lowered their price objective on shares of Consolidated Edison from $71.00 to $68.00 and set a “neutral” rating on the stock in a research report on Friday, January 22nd. They noted that the move was a valuation call. Six investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $75.08.
Shares of NYSE ED opened at $75.31 on Thursday. The firm has a market capitalization of $25.79 billion, a P/E ratio of 18.64, a PEG ratio of 7.80 and a beta of 0.11. Consolidated Edison, Inc. has a one year low of $65.56 and a one year high of $90.00. The company’s fifty day moving average is $70.81 and its two-hundred day moving average is $74.07. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.54 and a current ratio of 0.59.
Consolidated Edison (NYSE:ED) last issued its earnings results on Wednesday, February 17th. The utilities provider reported $0.75 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.01). The company had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Consolidated Edison had a return on equity of 7.77% and a net margin of 11.06%. During the same quarter in the previous year, the firm posted $0.87 earnings per share. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 4.2 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, March 15th. Stockholders of record on Wednesday, February 17th were paid a dividend of $0.775 per share. This represents a $3.10 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Tuesday, February 16th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.77. Consolidated Edison’s payout ratio is 70.94%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in the 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 1,576 customers in parts of Manhattan.
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