Baillie Gifford & Co. boosted its stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 64.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,093 shares of the utilities provider's stock after buying an additional 7,465 shares during the quarter. Baillie Gifford & Co.'s holdings in Consolidated Edison were worth $1,704,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the stock. TD Private Client Wealth LLC boosted its holdings in Consolidated Edison by 4.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider's stock valued at $243,000 after purchasing an additional 104 shares during the period. D.A. Davidson & CO. increased its holdings in shares of Consolidated Edison by 1.1% during the 3rd quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider's stock worth $1,160,000 after purchasing an additional 124 shares during the period. Townsquare Capital LLC raised its position in shares of Consolidated Edison by 2.4% during the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider's stock valued at $580,000 after buying an additional 130 shares during the last quarter. Trust Point Inc. lifted its stake in shares of Consolidated Edison by 4.9% in the fourth quarter. Trust Point Inc. now owns 2,790 shares of the utilities provider's stock valued at $249,000 after buying an additional 131 shares during the period. Finally, Cooper Financial Group grew its position in Consolidated Edison by 5.1% during the fourth quarter. Cooper Financial Group now owns 2,799 shares of the utilities provider's stock worth $250,000 after buying an additional 136 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.
Consolidated Edison Price Performance
Shares of Consolidated Edison stock traded up $2.51 during mid-day trading on Friday, reaching $98.27. 4,414,776 shares of the stock were exchanged, compared to its average volume of 2,460,125. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company has a market cap of $34.04 billion, a price-to-earnings ratio of 18.51, a price-to-earnings-growth ratio of 3.04 and a beta of 0.39. The firm has a 50-day simple moving average of $91.98 and a 200 day simple moving average of $98.02. 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 - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.01. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.63 billion. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.
Consolidated Edison Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.46%. This is a boost from Consolidated Edison's previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, February 19th. Consolidated Edison's dividend payout ratio (DPR) is currently 64.03%.
Analyst Upgrades and Downgrades
Several equities analysts have commented on ED shares. Evercore ISI cut Consolidated Edison from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 21st. Scotiabank upgraded Consolidated Edison from a "sector underperform" rating to a "sector perform" rating and upped their target price for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Barclays reduced their target price on Consolidated Edison from $99.00 to $92.00 and set an "underweight" rating for the company in a research report on Monday, January 27th. Morgan Stanley lowered their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating on the stock in a report on Friday, November 22nd. Finally, Mizuho raised their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $100.70.
View Our Latest Stock Analysis on ED
Consolidated Edison Profile
(
Free Report)
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.
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