Assetmark Inc. raised its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 11.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 94,259 shares of the utilities provider’s stock after purchasing an additional 9,825 shares during the period. Assetmark Inc.’s holdings in Consolidated Edison were worth $7,182,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC acquired a new stake in shares of Consolidated Edison in the second quarter worth approximately $877,000. Eqis Capital Management Inc. acquired a new position in Consolidated Edison during the second quarter valued at approximately $252,000. Dupont Capital Management Corp lifted its position in Consolidated Edison by 102.0% during the second quarter. Dupont Capital Management Corp now owns 4,783 shares of the utilities provider’s stock valued at $373,000 after buying an additional 2,415 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Consolidated Edison by 3.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 72,304 shares of the utilities provider’s stock valued at $5,638,000 after buying an additional 2,162 shares in the last quarter. Finally, Cognios Capital LLC lifted its position in Consolidated Edison by 6.4% during the second quarter. Cognios Capital LLC now owns 33,964 shares of the utilities provider’s stock valued at $2,646,000 after buying an additional 2,043 shares in the last quarter. Institutional investors and hedge funds own 58.03% of the company’s stock.
ED has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research report on Wednesday, September 12th. Bank of America lifted their price target on shares of Consolidated Edison from $84.50 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, September 26th. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Wednesday. Barclays lifted their price target on shares of Consolidated Edison from $79.00 to $83.00 and gave the company a “hold” rating in a research report on Monday, November 19th. Finally, Wells Fargo & Co lifted their price target on shares of Consolidated Edison from $81.00 to $83.00 and gave the company a “market perform” rating in a research report on Monday, September 17th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $77.36.
ED opened at $82.46 on Friday. The company has a market cap of $25.54 billion, a PE ratio of 20.16, a PEG ratio of 4.78 and a beta of 0.04. Consolidated Edison, Inc. has a 52-week low of $71.12 and a 52-week 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.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 1st. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.11. The company had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.17 billion. Consolidated Edison had a net margin of 12.60% and a return on equity of 8.64%. During the same quarter last year, the firm posted $1.47 earnings per share. Equities research analysts predict that Consolidated Edison, Inc. will post 4.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Wednesday, November 14th will be paid a dividend of $0.715 per share. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.47%. Consolidated Edison’s dividend payout ratio is currently 69.93%.
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Consolidated Edison Profile
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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