Pensionfund Sabic acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 1st quarter, Holdings Channel reports. The firm acquired 28,000 shares of the utilities provider’s stock, valued at approximately $2,094,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ED. West Financial Advisors LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $29,000. Crescent Capital Consulting LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $30,000. Financial Avengers Inc. acquired a new stake in Consolidated Edison during the 4th quarter valued at $30,000. SRS Capital Advisors Inc. acquired a new stake in Consolidated Edison during the 4th quarter valued at $32,000. Finally, Retirement Group LLC acquired a new stake in Consolidated Edison during the 4th quarter valued at $32,000. 62.44% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on the company. Morgan Stanley increased their target price on Consolidated Edison from $65.00 to $67.00 and gave the company an “underweight” rating in a report on Thursday, March 25th. Royal Bank of Canada lowered their target price on Consolidated Edison from $80.00 to $77.00 and set a “sector perform” rating on the stock in a report on Friday, January 22nd. Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating in a report on Thursday, January 21st. Mizuho lowered their target price on Consolidated Edison from $71.00 to $68.00 and set a “neutral” rating on the stock in a report on Friday, January 22nd. They noted that the move was a valuation call. Finally, TheStreet cut Consolidated Edison from a “b-” rating to a “c” rating in a report on Monday, March 22nd. Six research analysts have rated the stock with a sell rating, six have assigned 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 price target of $75.08.
ED stock opened at $75.31 on Thursday. Consolidated Edison, Inc. has a 52-week low of $65.56 and a 52-week high of $90.00. The stock’s fifty day simple moving average is $70.81 and its 200-day simple moving average is $74.07. The company has a quick ratio of 0.54, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $25.79 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 7.80 and a beta of 0.11.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Wednesday, February 17th. The utilities provider reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Consolidated Edison had a return on equity of 7.77% and a net margin of 11.06%. The business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter last year, the business earned $0.87 EPS. As a group, analysts anticipate that Consolidated Edison, Inc. will post 4.2 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, March 15th. Investors of record on Wednesday, February 17th were issued a $0.775 dividend. The ex-dividend date of this dividend was Tuesday, February 16th. This represents a $3.10 dividend on an annualized basis and a yield of 4.12%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.77. Consolidated Edison’s dividend payout ratio (DPR) is presently 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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