Brooklyn Investment Group Buys New Shares in Consolidated Edison, Inc. (NYSE:ED)

Brooklyn Investment Group bought a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,467 shares of the utilities provider’s stock, valued at approximately $153,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC boosted its position in Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after purchasing an additional 572,530 shares during the period. D.A. Davidson & CO. boosted its position in shares of Consolidated Edison by 1.1% in the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock valued at $1,160,000 after acquiring an additional 124 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Consolidated Edison by 0.6% in the third quarter. The Manufacturers Life Insurance Company now owns 242,614 shares of the utilities provider’s stock valued at $25,263,000 after acquiring an additional 1,507 shares during the period. Bank of Montreal Can boosted its position in shares of Consolidated Edison by 7.2% in the third quarter. Bank of Montreal Can now owns 676,249 shares of the utilities provider’s stock valued at $70,364,000 after acquiring an additional 45,448 shares during the period. Finally, Diversified LLC acquired a new position in Consolidated Edison in the third quarter valued at about $203,000. 66.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ED. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Jefferies Financial Group assumed coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Barclays lowered their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research note on Friday, November 8th. Finally, Wells Fargo & Company boosted their target price on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $98.19.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $101.58 on Thursday. The business has a 50 day moving average of $101.81 and a 200-day moving average of $98.15. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The company has a market capitalization of $35.19 billion, a P/E ratio of 19.13, a P/E/G ratio of 3.34 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. On average, equities research analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.27%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s payout ratio is presently 62.52%.

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 3.7 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.