Hennessy Advisors Inc. increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 2.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 143,136 shares of the utilities provider's stock after buying an additional 3,900 shares during the quarter. Hennessy Advisors Inc.'s holdings in Consolidated Edison were worth $12,772,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new position in Consolidated Edison during the 3rd quarter worth approximately $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Consolidated Edison in the third quarter worth $30,000. FSA Wealth Management LLC purchased a new position in shares of Consolidated Edison during the third quarter worth $55,000. Future Financial Wealth Managment LLC acquired a new position in Consolidated Edison during the third quarter valued at $55,000. Finally, Webster Bank N. A. boosted its holdings in Consolidated Edison by 189.5% in the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider's stock valued at $60,000 after purchasing an additional 379 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have weighed in on ED. UBS Group lifted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a "neutral" rating in a research note on Friday, September 20th. Scotiabank upgraded Consolidated Edison from a "sector underperform" rating to a "sector perform" rating and lifted their price target for the company from $90.00 to $100.00 in a research report on Thursday, December 12th. Barclays lowered their price objective on Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating on the stock in a research report on Friday, November 8th. Morgan Stanley cut their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating for the company in a report on Friday, November 22nd. Finally, Evercore ISI upgraded shares of Consolidated Edison from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $100.64.
Check Out Our Latest Research Report on Consolidated Edison
Consolidated Edison Price Performance
ED traded up $1.52 during midday trading on Friday, hitting $93.74. 3,516,795 shares of the company traded hands, compared to its average volume of 1,807,728. The company has a market capitalization of $32.47 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 2.81 and a beta of 0.38. The business has a 50 day simple moving average of $93.35 and a two-hundred day simple moving average of $97.84. 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, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75.
Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.35 earnings per share for the current fiscal year.
Consolidated Edison Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.63%. This is a boost from Consolidated Edison's previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison's payout ratio is presently 62.52%.
Consolidated Edison Company Profile
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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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