Point72 Asset Management L.P. Acquires Shares of 52,999 Consolidated Edison, Inc. (NYSE:ED)

Point72 Asset Management L.P. bought a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 52,999 shares of the utilities provider’s stock, valued at approximately $4,739,000.

A number of other institutional investors have also recently modified their holdings of ED. Massmutual Trust Co. FSB ADV boosted its position in Consolidated Edison by 2,486.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock worth $1,977,000 after purchasing an additional 20,934 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Consolidated Edison by 35.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 47,466 shares of the utilities provider’s stock valued at $4,318,000 after buying an additional 12,307 shares in the last quarter. Sei Investments Co. grew its stake in Consolidated Edison by 57.4% in the 1st quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after acquiring an additional 89,080 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Consolidated Edison by 153.9% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 245,802 shares of the utilities provider’s stock worth $22,321,000 after acquiring an additional 148,988 shares in the last quarter. Finally, Mizuho Markets Americas LLC raised its position in Consolidated Edison by 121.1% during the first quarter. Mizuho Markets Americas LLC now owns 113,675 shares of the utilities provider’s stock worth $10,323,000 after acquiring an additional 62,260 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Barclays lifted their target price on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research report on Monday, August 5th. UBS Group boosted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Bank of America increased their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Scotiabank lifted their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Finally, Guggenheim boosted their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison presently has an average rating of “Hold” and an average price target of $93.81.

Consolidated Edison Stock Up 1.0 %

Shares of ED opened at $105.17 on Wednesday. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $105.99. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The stock has a fifty day simple moving average of $101.58 and a two-hundred day simple moving average of $95.38. The company has a market capitalization of $36.37 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the prior year, the company posted $0.61 EPS. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were given a $0.83 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.16%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.