Private Advisor Group LLC boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 87.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 37,680 shares of the utilities provider’s stock after purchasing an additional 17,603 shares during the period. Private Advisor Group LLC’s holdings in Consolidated Edison were worth $2,871,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Millennium Management LLC raised its stake in Consolidated Edison by 1,396.5% in the first quarter. Millennium Management LLC now owns 117,877 shares of the utilities provider’s stock valued at $9,187,000 after buying an additional 110,000 shares during the period. Principal Financial Group Inc. raised its stake in Consolidated Edison by 0.5% in the first quarter. Principal Financial Group Inc. now owns 900,013 shares of the utilities provider’s stock valued at $70,147,000 after buying an additional 4,890 shares during the period. IFM Investors Pty Ltd raised its stake in Consolidated Edison by 43.5% in the second quarter. IFM Investors Pty Ltd now owns 13,937 shares of the utilities provider’s stock valued at $1,087,000 after buying an additional 4,225 shares during the period. Fisher Asset Management LLC bought a new stake in Consolidated Edison in the second quarter valued at approximately $311,000. Finally, Dalton Greiner Hartman Maher & Co. bought a new stake in Consolidated Edison in the second quarter valued at approximately $277,000. 58.60% of the stock is currently owned by institutional investors.
Several analysts have issued reports on the company. Morgan Stanley upped their price objective on Consolidated Edison from $77.00 to $81.00 and gave the company a “sell” rating in a research note on Tuesday, September 11th. Wells Fargo & Co upped their target price on Consolidated Edison from $81.00 to $83.00 and gave the company a “market perform” rating in a research report on Monday, September 17th. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Wednesday, September 12th. UBS Group upped their target price on Consolidated Edison from $83.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, September 21st. Finally, Howard Weil assumed coverage on Consolidated Edison in a research report on Tuesday, July 24th. They issued a “sector underperform” rating on the stock. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. Consolidated Edison presently has an average rating of “Hold” and an average price target of $77.18.
Consolidated Edison stock opened at $79.00 on Friday. Consolidated Edison, Inc. has a 12 month low of $71.12 and a 12 month high of $89.70. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.56 and a current ratio of 0.62. The company has a market capitalization of $24.37 billion and a PE ratio of 19.32.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 1st. The utilities provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.46 by $0.11. Consolidated Edison had a return on equity of 8.64% and a net margin of 12.60%. The company had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.17 billion. During the same quarter in the prior year, the business earned $1.47 earnings per share. On average, analysts anticipate that Consolidated Edison, Inc. will post 4.28 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Wednesday, November 14th will be given a $0.715 dividend. This represents a $2.86 annualized dividend and a dividend yield of 3.62%. The ex-dividend date is Tuesday, November 13th. Consolidated Edison’s payout ratio is 69.93%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.
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