Dimensional Fund Advisors LP grew its stake in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 3.2% during the first quarter, HoldingsChannel.com reports. The firm owned 1,143,483 shares of the utilities provider’s stock after purchasing an additional 35,330 shares during the period. Dimensional Fund Advisors LP’s holdings in Consolidated Edison were worth $109,392,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of ED. Nordea Investment Management AB lifted its holdings in Consolidated Edison by 4.9% during the 4th quarter. Nordea Investment Management AB now owns 21,679 shares of the utilities provider’s stock worth $2,084,000 after buying an additional 1,005 shares during the last quarter. Arete Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison during the 1st quarter valued at approximately $519,380,000,000. CWA Asset Management Group LLC raised its position in shares of Consolidated Edison by 4.4% during the 1st quarter. CWA Asset Management Group LLC now owns 4,080 shares of the utilities provider’s stock valued at $390,000 after acquiring an additional 172 shares in the last quarter. First Trust Advisors LP boosted its holdings in Consolidated Edison by 10.3% in the fourth quarter. First Trust Advisors LP now owns 1,010,189 shares of the utilities provider’s stock worth $96,287,000 after purchasing an additional 94,143 shares during the period. Finally, GPS Wealth Strategies Group LLC acquired a new stake in shares of Consolidated Edison during the first quarter worth $306,000. 64.53% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
ED has been the subject of a number of recent research reports. Wells Fargo & Company lowered their price objective on shares of Consolidated Edison from $102.00 to $96.00 and set an “underweight” rating for the company in a research report on Friday, August 4th. Guggenheim dropped their price target on Consolidated Edison from $90.00 to $85.00 in a research report on Friday, July 7th. Bank of America dropped their target price on Consolidated Edison from $103.00 to $96.00 and set a “buy” rating on the stock in a research report on Wednesday, August 16th. The Goldman Sachs Group began coverage on shares of Consolidated Edison in a report on Wednesday, June 7th. They set a “sell” rating and a $88.00 price target for the company. Finally, Barclays began coverage on shares of Consolidated Edison in a report on Wednesday, August 23rd. They issued an “equal weight” rating and a $88.00 price objective on the stock. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $89.79.
Consolidated Edison Stock Up 2.0 %
ED stock opened at $88.50 on Friday. The firm’s 50-day moving average is $91.43 and its two-hundred day moving average is $93.59. The company has a market capitalization of $30.53 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 8.82 and a beta of 0.37. Consolidated Edison, Inc. has a 52 week low of $78.10 and a 52 week high of $102.21. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 0.99.
Consolidated Edison (NYSE:ED – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. The business had revenue of $2.94 billion for the quarter, compared to analyst estimates of $3.31 billion. Consolidated Edison had a net margin of 15.84% and a return on equity of 8.27%. During the same quarter last year, the business earned $0.64 earnings per share. On average, analysts forecast that Consolidated Edison, Inc. will post 4.9 earnings per share for the current fiscal year.
Consolidated Edison Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $3.24 annualized dividend and a dividend yield of 3.66%. Consolidated Edison’s dividend payout ratio (DPR) is 46.62%.
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 3.6 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.
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