Twinbeech Capital LP Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Twinbeech Capital LP acquired a new stake in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 43,893 shares of the utilities provider’s stock, valued at approximately $3,917,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Barclays PLC lifted its holdings in Consolidated Edison by 30.1% in the 3rd quarter. Barclays PLC now owns 1,231,924 shares of the utilities provider’s stock valued at $128,279,000 after purchasing an additional 285,115 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Consolidated Edison by 4.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after purchasing an additional 82,985 shares in the last quarter. Merit Financial Group LLC lifted its holdings in Consolidated Edison by 54.0% in the 4th quarter. Merit Financial Group LLC now owns 9,133 shares of the utilities provider’s stock valued at $815,000 after purchasing an additional 3,204 shares in the last quarter. HB Wealth Management LLC lifted its holdings in Consolidated Edison by 11.8% in the 4th quarter. HB Wealth Management LLC now owns 9,325 shares of the utilities provider’s stock valued at $832,000 after purchasing an additional 981 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new position in Consolidated Edison in the 4th quarter valued at $250,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ED. Barclays raised their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a report on Monday, May 5th. UBS Group lifted their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Scotiabank lifted their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Guggenheim lifted their price target on Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Finally, Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $104.36.

Consolidated Edison Stock Up 0.3%

Shares of ED opened at $105.67 on Wednesday. The firm has a market cap of $38.07 billion, a P/E ratio of 20.17, a price-to-earnings-growth ratio of 3.05 and a beta of 0.29. Consolidated Edison, Inc. has a 12-month low of $87.28 and a 12-month high of $114.87. The company’s 50-day moving average price is $108.53 and its 200 day moving average price is $99.88. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The firm had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. During the same period in the prior year, the firm earned $2.15 earnings per share. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.22%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 62.85%.

Consolidated Edison Profile

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.