Cambridge Investment Research Advisors Inc. Has $10.25 Million Position in Consolidated Edison Inc (NYSE:ED)

Cambridge Investment Research Advisors Inc. increased its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 17.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 92,643 shares of the utilities provider’s stock after acquiring an additional 13,755 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Consolidated Edison were worth $10,245,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ED. OFI Invest Asset Management acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at about $35,000. Wood Tarver Financial Group LLC bought a new stake in Consolidated Edison in the fourth quarter valued at approximately $35,000. Fairway Wealth LLC bought a new stake in Consolidated Edison in the fourth quarter valued at approximately $36,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Consolidated Edison during the 4th quarter valued at approximately $44,000. Finally, Park Square Financial Group LLC bought a new position in Consolidated Edison during the 4th quarter worth approximately $45,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ED shares. KeyCorp lowered shares of Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price objective on the stock. in a research note on Wednesday, May 14th. Barclays boosted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a report on Monday, May 5th. Guggenheim increased their price target on Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Morgan Stanley lowered their price objective on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a research report on Wednesday, June 18th. Finally, UBS Group boosted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Three equities research 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $104.18.

Consolidated Edison Price Performance

ED stock opened at $98.03 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.28 and a quick ratio of 1.19. The company’s 50-day moving average is $105.40 and its 200-day moving average is $100.63. The stock has a market capitalization of $35.32 billion, a PE ratio of 18.12, a price-to-earnings-growth ratio of 3.20 and a beta of 0.27. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. The firm had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the previous year, the company posted $2.15 EPS. Equities research analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Wednesday, May 14th were issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Wednesday, May 14th. Consolidated Edison’s dividend payout ratio is currently 62.85%.

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.