Illinois Municipal Retirement Fund Boosts Stock Holdings in Consolidated Edison Inc $ED

Illinois Municipal Retirement Fund grew its position in Consolidated Edison Inc (NYSE:ED) by 82.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 255,823 shares of the utilities provider’s stock after acquiring an additional 115,881 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.07% of Consolidated Edison worth $25,715,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Varma Mutual Pension Insurance Co lifted its holdings in Consolidated Edison by 8.8% in the 3rd quarter. Varma Mutual Pension Insurance Co now owns 123,215 shares of the utilities provider’s stock valued at $12,386,000 after purchasing an additional 10,000 shares in the last quarter. Drake & Associates LLC raised its position in shares of Consolidated Edison by 1.3% in the third quarter. Drake & Associates LLC now owns 24,150 shares of the utilities provider’s stock valued at $2,321,000 after buying an additional 303 shares during the last quarter. Savvy Advisors Inc. boosted its position in Consolidated Edison by 29.3% during the third quarter. Savvy Advisors Inc. now owns 3,002 shares of the utilities provider’s stock worth $302,000 after acquiring an additional 680 shares during the last quarter. Cibc World Market Inc. acquired a new position in Consolidated Edison during the third quarter worth about $3,169,000. Finally, Caprock Group LLC purchased a new stake in Consolidated Edison during the 3rd quarter valued at about $2,586,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $109.69 on Thursday. The business has a 50-day moving average of $101.51 and a 200 day moving average of $100.45. Consolidated Edison Inc has a 12 month low of $93.52 and a 12 month high of $114.87. The stock has a market capitalization of $39.59 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 2.96 and a beta of 0.38. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Wednesday, February 18th will be given a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, February 18th. This represents a $3.55 annualized dividend and a yield of 3.2%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s dividend payout ratio is 59.44%.

Analyst Upgrades and Downgrades

ED has been the topic of several recent research reports. TD Cowen assumed coverage on Consolidated Edison in a report on Friday, January 9th. They set a “hold” rating and a $105.00 target price on the stock. Morgan Stanley reissued an “underweight” rating and set a $96.00 price objective on shares of Consolidated Edison in a research note on Wednesday, January 21st. Wells Fargo & Company cut their target price on Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 20th. KeyCorp lowered their price target on shares of Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a research report on Friday, December 12th. Finally, UBS Group raised their price objective on shares of Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $104.20.

Insider Buying and Selling at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the sale, the director directly owned 38,661 shares in the company, valued at approximately $3,745,864.29. This trade represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.19% of the company’s stock.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.