Boston Common Asset Management LLC Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Boston Common Asset Management LLC bought a new position in Consolidated Edison, Inc. (NYSE:ED) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,097 shares of the utilities provider’s stock, valued at approximately $232,000.

Several other hedge funds have also added to or reduced their stakes in ED. Jacobi Capital Management LLC lifted its holdings in Consolidated Edison by 4.2% in the fourth quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider’s stock valued at $229,000 after acquiring an additional 104 shares during the period. Glen Eagle Advisors LLC grew its holdings in Consolidated Edison by 6.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider’s stock valued at $170,000 after buying an additional 111 shares in the last quarter. Richwood Investment Advisors LLC grew its holdings in Consolidated Edison by 2.3% during the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider’s stock valued at $463,000 after buying an additional 115 shares in the last quarter. Penobscot Investment Management Company Inc. boosted its holdings in shares of Consolidated Edison by 5.7% in the 4th quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider’s stock worth $205,000 after purchasing an additional 125 shares during the period. Finally, TrinityPoint Wealth LLC boosted its holdings in Consolidated Edison by 1.1% during the 4th quarter. TrinityPoint Wealth LLC now owns 11,395 shares of the utilities provider’s stock valued at $1,017,000 after acquiring an additional 129 shares during the period. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Performance

NYSE ED opened at $103.29 on Friday. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year high of $114.87. 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 cap of $37.22 billion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 3.05 and a beta of 0.29. The stock’s 50 day simple moving average is $107.99 and its 200-day simple moving average is $100.12.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the business earned $2.15 EPS. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Scotiabank increased their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. Barclays upped their target price on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a research report on Monday, May 5th. 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 research report on Friday, May 2nd. UBS Group increased their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Finally, KeyCorp downgraded Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a research note on Wednesday, May 14th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.27.

Consolidated Edison Company 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.