Voloridge Investment Management LLC Grows Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Voloridge Investment Management LLC increased its stake in Consolidated Edison, Inc. (NYSE:ED) by 192.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 792,830 shares of the utilities provider’s stock after acquiring an additional 521,413 shares during the period. Voloridge Investment Management LLC’s holdings in Consolidated Edison were worth $70,744,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. AlphaMark Advisors LLC purchased a new position in Consolidated Edison in the 4th quarter worth approximately $27,000. OFI Invest Asset Management bought a new position in shares of Consolidated Edison in the fourth quarter worth approximately $35,000. Fairway Wealth LLC purchased a new position in shares of Consolidated Edison in the fourth quarter worth $36,000. Centricity Wealth Management LLC purchased a new position in shares of Consolidated Edison in the fourth quarter worth $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in Consolidated Edison in the 4th quarter worth $44,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Trading Up 0.3%

ED opened at $105.67 on Wednesday. The stock has a market cap of $38.07 billion, a PE ratio of 20.17, a PEG ratio of 3.05 and a beta of 0.29. The business has a 50 day moving average of $108.53 and a 200-day moving average of $99.88. Consolidated Edison, Inc. has a 52 week low of $87.28 and a 52 week high of $114.87. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations 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 business posted $2.15 EPS. Equities research analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Morgan Stanley set a $94.00 target price on shares of Consolidated Edison and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. KeyCorp lowered Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price target for the company. in a research report on Wednesday, May 14th. Mizuho increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Guggenheim boosted their target price on Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. Finally, Wells Fargo & Company upped their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $104.36.

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.