Dynamic Technology Lab Private Ltd bought a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 19,499 shares of the utilities provider’s stock, valued at approximately $1,485,000.
Several other hedge funds have also bought and sold shares of ED. BlackRock Inc. grew its holdings in Consolidated Edison by 0.6% in the 3rd quarter. BlackRock Inc. now owns 27,868,538 shares of the utilities provider’s stock valued at $2,123,304,000 after buying an additional 179,165 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Consolidated Edison by 22.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,581,782 shares of the utilities provider’s stock valued at $272,896,000 after buying an additional 664,252 shares in the last quarter. Legal & General Group Plc grew its holdings in Consolidated Edison by 4.9% in the 2nd quarter. Legal & General Group Plc now owns 3,247,049 shares of the utilities provider’s stock valued at $253,203,000 after buying an additional 152,883 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Consolidated Edison by 7.6% in the 3rd quarter. Renaissance Technologies LLC now owns 3,051,400 shares of the utilities provider’s stock valued at $232,486,000 after buying an additional 215,200 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Consolidated Edison by 4.1% in the 2nd quarter. Swiss National Bank now owns 2,279,371 shares of the utilities provider’s stock valued at $177,745,000 after buying an additional 90,600 shares in the last quarter. 58.03% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on the company. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a report on Wednesday. Morgan Stanley upped their price objective on Consolidated Edison from $77.00 to $81.00 and gave the company a “sell” rating in a report on Tuesday, September 11th. Wells Fargo & Co upped their price objective on Consolidated Edison from $81.00 to $83.00 and gave the company a “market perform” rating in a report on Monday, September 17th. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a report on Wednesday, September 12th. Finally, UBS Group upped their price objective on Consolidated Edison from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, September 21st. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $77.36.
ED opened at $82.46 on Friday. The firm has a market cap of $25.43 billion, a PE ratio of 20.16, a P/E/G ratio of 4.75 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 current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 1st. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 8.64% and a net margin of 12.60%. During the same period in the prior year, the firm posted $1.47 EPS. Equities analysts forecast that Consolidated Edison, Inc. will post 4.29 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Wednesday, November 14th will be issued a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.93%.
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Consolidated Edison Company 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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