Gateway Investment Advisers LLC Increases Holdings in Consolidated Edison, Inc. (NYSE:ED)

Gateway Investment Advisers LLC lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 102.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 430,279 shares of the utilities provider's stock after acquiring an additional 217,981 shares during the period. Gateway Investment Advisers LLC owned approximately 0.12% of Consolidated Edison worth $38,394,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new stake in Consolidated Edison in the third quarter worth approximately $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison in the 3rd quarter worth approximately $30,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Consolidated Edison in the 3rd quarter valued at $55,000. FSA Wealth Management LLC bought a new position in shares of Consolidated Edison during the 3rd quarter valued at $55,000. Finally, Webster Bank N. A. raised its position in Consolidated Edison by 189.5% in the 3rd quarter. Webster Bank N. A. now owns 579 shares of the utilities provider's stock worth $60,000 after purchasing an additional 379 shares during the period. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Trading Up 2.1 %

Shares of NYSE ED traded up $1.94 during midday trading on Thursday, hitting $92.17. 2,097,558 shares of the company traded hands, compared to its average volume of 2,044,846. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The firm has a market cap of $31.93 billion, a P/E ratio of 17.36, a P/E/G ratio of 2.81 and a beta of 0.38. The stock has a 50-day moving average price of $93.54 and a 200 day moving average price of $97.85. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, analysts expect that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders 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 yield of 3.69%. This is a positive change from Consolidated Edison's previous quarterly dividend of $0.83. Consolidated Edison's dividend payout ratio (DPR) is currently 62.52%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Citigroup raised Consolidated Edison from a "neutral" rating to a "buy" rating and raised their price objective for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Barclays reduced their price target 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. UBS Group boosted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a "neutral" rating in a research report on Friday, September 20th. Morgan Stanley cut their target price 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, Evercore ISI raised shares of Consolidated Edison from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 8th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $100.64.

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.