Magnetar Financial LLC Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Magnetar Financial LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 52,260 shares of the utilities provider's stock, valued at approximately $4,673,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Beacon Capital Management LLC grew its holdings in 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 in the last quarter. Raleigh Capital Management Inc. acquired a new stake in shares of Consolidated Edison during the fourth quarter valued at about $29,000. Pathway Financial Advisers LLC purchased a new stake in shares of Consolidated Edison during the first quarter worth about $33,000. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison in the second quarter worth about $33,000. Finally, Quarry LP purchased a new position in Consolidated Edison in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Stock Performance

Shares of NYSE ED traded up $0.67 during mid-day trading on Monday, hitting $104.02. The company had a trading volume of 1,053,578 shares, compared to its average volume of 1,855,396. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $105.99. The stock has a market cap of $35.97 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 3.50 and a beta of 0.36. 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 firm's 50 day simple moving average is $100.36 and its two-hundred day simple moving average is $94.79.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate 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 in the previous year, the company posted $0.61 earnings per share. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.19%. Consolidated Edison's dividend payout ratio (DPR) is presently 63.72%.

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent analyst reports. Bank of America upped their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Argus raised shares of Consolidated Edison to a "strong-buy" rating in a report on Friday, June 7th. Barclays raised their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an "underweight" rating in a report on Monday, August 5th. Morgan Stanley upped their target price on shares of Consolidated Edison from $75.00 to $82.00 and gave the company an "underweight" rating in a research note on Friday, August 23rd. Finally, Wells Fargo & Company lifted their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $93.42.

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.