Polymer Capital Management US LLC acquired a new stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 8,898 shares of the utilities provider's stock, valued at approximately $794,000.
A number of other hedge funds have also modified their holdings of the stock. Federated Hermes Inc. grew its holdings in shares of Consolidated Edison by 262.9% in the 4th quarter. Federated Hermes Inc. now owns 2,613 shares of the utilities provider's stock worth $233,000 after purchasing an additional 1,893 shares during the last quarter. Aster Capital Management DIFC Ltd grew its stake in Consolidated Edison by 14.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,608 shares of the utilities provider's stock worth $322,000 after buying an additional 452 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Consolidated Edison by 36.3% during the fourth quarter. Russell Investments Group Ltd. now owns 384,434 shares of the utilities provider's stock worth $34,302,000 after buying an additional 102,311 shares in the last quarter. Hurley Capital LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $64,000. Finally, Wedbush Securities Inc. grew its position in Consolidated Edison by 70.7% during the 4th quarter. Wedbush Securities Inc. now owns 6,931 shares of the utilities provider's stock worth $618,000 after acquiring an additional 2,871 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have commented on ED. UBS Group boosted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Scotiabank boosted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a research note on Monday, February 24th. Citigroup boosted their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday. Barclays upped their price target on Consolidated Edison from $92.00 to $95.00 and gave the company an "underweight" rating in a research note on Monday, February 24th. Finally, Evercore ISI cut Consolidated Edison from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 21st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison has a consensus rating of "Hold" and an average target price of $102.80.
Check Out Our Latest Report on ED
Consolidated Edison Trading Up 1.4 %
Shares of ED stock traded up $1.52 on Friday, hitting $109.82. The stock had a trading volume of 2,617,191 shares, compared to its average volume of 2,223,533. The firm has a market cap of $39.56 billion, a P/E ratio of 20.96, a PEG ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The company has a fifty day moving average price of $103.19 and a two-hundred day moving average price of $98.94.
Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. As a group, analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.
Consolidated Edison Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were given a dividend of $0.85 per share. This is an increase from Consolidated Edison's previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.10%. Consolidated Edison's dividend payout ratio is currently 64.89%.
About Consolidated Edison
(
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.
Recommended Stories
Before you consider Consolidated Edison, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Consolidated Edison wasn't on the list.
While Consolidated Edison currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
