SummitTX Capital L.P. Invests $6.87 Million in Consolidated Edison Inc $ED

SummitTX Capital L.P. acquired a new stake in shares of Consolidated Edison Inc (NYSE:ED) during the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 60,731 shares of the utilities provider’s stock, valued at approximately $6,874,000.

A number of other hedge funds also recently made changes to their positions in ED. GW&K Investment Management LLC grew its position in Consolidated Edison by 28.5% in the fourth quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 93 shares in the last quarter. bLong Financial LLC raised its position in Consolidated Edison by 1.3% during the fourth quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider’s stock valued at $772,000 after purchasing an additional 100 shares in the last quarter. Sachetta LLC raised its position in Consolidated Edison by 72.9% during the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 102 shares in the last quarter. Bridgewater Advisors Inc. raised its position in Consolidated Edison by 1.6% during the fourth quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider’s stock valued at $689,000 after purchasing an additional 105 shares in the last quarter. Finally, Frank Rimerman Advisors LLC lifted its stake in Consolidated Edison by 1.3% during the first quarter. Frank Rimerman Advisors LLC now owns 8,275 shares of the utilities provider’s stock worth $937,000 after purchasing an additional 105 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Mizuho set a $114.00 price objective on Consolidated Edison in a report on Monday. Evercore set a $116.00 price objective on Consolidated Edison in a report on Monday, May 11th. Argus set a $112.00 target price on Consolidated Edison in a research report on Tuesday, June 23rd. The Goldman Sachs Group restated a “sell” rating and issued a $105.00 target price on shares of Consolidated Edison in a research report on Thursday, May 14th. Finally, Barclays cut their target price on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a research note on Monday, May 11th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $108.47.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $111.50 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $41.09 billion, a PE ratio of 18.77, a P/E/G ratio of 2.93 and a beta of 0.27. The firm has a fifty day simple moving average of $109.14 and a two-hundred day simple moving average of $109.17. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. Consolidated Edison’s payout ratio is currently 59.76%.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.