KLP Kapitalforvaltning AS Acquires Shares of 453,065 Consolidated Edison, Inc. (NYSE:ED)

KLP Kapitalforvaltning AS bought a new stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 453,065 shares of the utilities provider's stock, valued at approximately $40,427,000. KLP Kapitalforvaltning AS owned about 0.13% of Consolidated Edison as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Consolidated Edison by 1.7% in the 3rd quarter. State Street Corp now owns 23,429,218 shares of the utilities provider's stock valued at $2,439,684,000 after buying an additional 399,034 shares during the period. Geode Capital Management LLC increased its stake in Consolidated Edison by 1.2% during the third quarter. Geode Capital Management LLC now owns 8,853,788 shares of the utilities provider's stock worth $919,041,000 after purchasing an additional 107,281 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Consolidated Edison by 3.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,225,989 shares of the utilities provider's stock worth $198,625,000 after purchasing an additional 77,323 shares in the last quarter. Amundi boosted its stake in shares of Consolidated Edison by 12.2% in the fourth quarter. Amundi now owns 2,221,729 shares of the utilities provider's stock valued at $197,795,000 after purchasing an additional 242,243 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider's stock valued at $223,373,000 after purchasing an additional 82,985 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

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Consolidated Edison Stock Down 1.3 %

Shares of NYSE ED traded down $1.43 during midday trading on Tuesday, hitting $105.40. 976,609 shares of the company's stock were exchanged, compared to its average volume of 2,004,212. The firm's fifty day simple moving average is $98.28 and its 200-day simple moving average is $98.38. The company has a market cap of $36.55 billion, a PE ratio of 20.09, a P/E/G ratio of 3.05 and a beta of 0.30. Consolidated Edison, Inc. has a twelve month low of $87.16 and a twelve month high of $109.36. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.01. The company had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. Research analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend was Wednesday, February 19th. This is an increase from Consolidated Edison's previous quarterly dividend of $0.83. Consolidated Edison's dividend payout ratio is currently 64.89%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ED. Scotiabank increased their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a report on Monday, February 24th. UBS Group increased their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday. Evercore ISI lowered Consolidated Edison from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 21st. Mizuho upped their price target on Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Finally, Morgan Stanley increased their price target on Consolidated Edison from $85.00 to $91.00 and gave the company an "underweight" rating in a research report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $102.40.

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.