Clean Energy Transition LLP Raises Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Clean Energy Transition LLP increased its holdings in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 227.9% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 897,553 shares of the utilities provider's stock after buying an additional 623,787 shares during the quarter. Consolidated Edison comprises approximately 4.4% of Clean Energy Transition LLP's portfolio, making the stock its 8th biggest position. Clean Energy Transition LLP owned about 0.26% of Consolidated Edison worth $80,259,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of ED. Beacon Capital Management LLC increased its position in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider's stock valued at $28,000 after purchasing an additional 300 shares during the last quarter. Raleigh Capital Management Inc. bought a new position in Consolidated Edison in the fourth quarter worth approximately $29,000. Tidemark LLC purchased a new position in shares of Consolidated Edison during the 4th quarter worth $29,000. Pathway Financial Advisers LLC bought a new stake in shares of Consolidated Edison during the 1st quarter valued at $33,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Consolidated Edison in the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. UBS Group lifted their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a "neutral" rating in a research report on Friday. Mizuho boosted their price objective on Consolidated Edison from $93.00 to $95.00 and gave the company a "neutral" rating in a research note on Tuesday, May 28th. Argus upgraded shares of Consolidated Edison to a "strong-buy" rating in a research note on Friday, June 7th. Scotiabank raised their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a "sector underperform" rating in a research report on Tuesday, August 20th. Finally, Barclays raised their price target on Consolidated Edison from $92.00 to $98.00 and gave the company an "underweight" rating in a report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $93.42.

Consolidated Edison Price Performance

Shares of NYSE ED traded up $1.23 during midday trading on Friday, reaching $103.35. 3,492,651 shares of the stock traded hands, compared to its average volume of 1,859,801. The company's 50 day moving average is $100.08 and its 200 day moving average is $94.66. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $105.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a market capitalization of $35.74 billion, a PE ratio of 19.84, a P/E/G ratio of 3.50 and a beta of 0.36.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter last year, the business earned $0.61 earnings per share. On average, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison's dividend payout ratio (DPR) is 63.72%.

Consolidated Edison Profile

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.