Caprock Group LLC Makes New Investment in Consolidated Edison Inc $ED

Caprock Group LLC acquired a new stake in Consolidated Edison Inc (NYSE:ED) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 26,065 shares of the utilities provider’s stock, valued at approximately $2,586,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Consolidated Edison by 4.5% in the second quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock valued at $4,519,845,000 after purchasing an additional 1,923,717 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Consolidated Edison by 6.1% in the 2nd quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock valued at $979,204,000 after buying an additional 566,358 shares during the last quarter. Norges Bank bought a new position in shares of Consolidated Edison in the second quarter valued at $462,218,000. ATLAS Infrastructure Partners UK Ltd. grew its stake in shares of Consolidated Edison by 4.8% in the second quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,409,288 shares of the utilities provider’s stock valued at $241,772,000 after buying an additional 110,666 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Consolidated Edison by 4.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,376,237 shares of the utilities provider’s stock worth $238,455,000 after buying an additional 104,643 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Insider Activity at Consolidated Edison

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

Analysts Set New Price Targets

ED has been the subject of a number of recent analyst reports. Morgan Stanley reiterated an “underweight” rating and issued a $96.00 price target on shares of Consolidated Edison in a research note on Wednesday, January 21st. KeyCorp reduced their price target on Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating for the company in a report on Friday, December 12th. Weiss Ratings reissued a “buy (b-)” rating on shares of Consolidated Edison in a research report on Monday, December 29th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $118.00 price objective on shares of Consolidated Edison in a research report on Friday, January 23rd. Finally, UBS Group boosted their target price on Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a report on Friday, January 23rd. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $104.20.

Consolidated Edison Stock Performance

ED opened at $111.65 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. The business has a fifty day simple moving average of $101.82 and a 200 day simple moving average of $100.53. Consolidated Edison Inc has a 1 year low of $94.49 and a 1 year high of $114.87. The company has a market capitalization of $40.30 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 2.99 and a beta of 0.38.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders 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 is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. Consolidated Edison’s dividend payout ratio (DPR) is presently 59.44%.

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.