Russell Investments Group Ltd. Raises Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Russell Investments Group Ltd. increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 36.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 384,434 shares of the utilities provider's stock after purchasing an additional 102,311 shares during the quarter. Russell Investments Group Ltd. owned 0.11% of Consolidated Edison worth $34,302,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. AlphaMark Advisors LLC purchased a new position in Consolidated Edison during the fourth quarter worth about $27,000. OFI Invest Asset Management purchased a new position in shares of Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at approximately $36,000. Centricity Wealth Management LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Consolidated Edison in the fourth quarter valued at approximately $44,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Up 1.4 %

Consolidated Edison stock traded up $1.52 during trading on Friday, reaching $109.82. The stock had a trading volume of 2,617,191 shares, compared to its average volume of 2,226,843. Consolidated Edison, Inc. has a 52-week low of $87.28 and a 52-week high of $114.87. The business has a 50 day moving average price of $103.19 and a 200 day moving average price of $98.91. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The stock has a market cap of $39.56 billion, a PE ratio of 20.96, a P/E/G ratio of 3.05 and a beta of 0.27.

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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 (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.01. The business had revenue of $3.67 billion during 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%. On average, analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The firm 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 a boost from Consolidated Edison's previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Wednesday, February 19th. Consolidated Edison's dividend payout ratio is currently 64.89%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ED shares. Citigroup raised their price target on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday. Barclays lifted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company an "underweight" rating in a research report on Monday, February 24th. Evercore ISI lowered shares of Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 21st. Morgan Stanley raised their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an "underweight" rating in a research note on Thursday, March 20th. Finally, UBS Group upped their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $102.80.

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.