Advisors Asset Management Inc. Acquires 4,993 Shares of Consolidated Edison Inc $ED

Advisors Asset Management Inc. grew its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 23.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,708 shares of the utilities provider’s stock after acquiring an additional 4,993 shares during the quarter. Advisors Asset Management Inc.’s holdings in Consolidated Edison were worth $2,685,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ED. Norges Bank purchased a new stake in Consolidated Edison in the second quarter valued at approximately $462,218,000. Vanguard Group Inc. raised its position in shares of Consolidated Edison by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock valued at $4,519,845,000 after buying an additional 1,923,717 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of Consolidated Edison by 2,190.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 978,160 shares of the utilities provider’s stock worth $98,158,000 after acquiring an additional 935,463 shares during the last quarter. Rakuten Investment Management Inc. purchased a new position in Consolidated Edison in the third quarter worth $60,497,000. Finally, Geode Capital Management LLC grew its position in Consolidated Edison by 6.1% in the second quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock worth $979,204,000 after acquiring an additional 566,358 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. KeyCorp lowered their price target on Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a research report on Friday, December 12th. Weiss Ratings reissued a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday, December 29th. Morgan Stanley restated an “underweight” rating and issued a $96.00 target price on shares of Consolidated Edison in a research report on Wednesday, January 21st. Royal Bank Of Canada reiterated a “sector perform” rating and set a $118.00 price target on shares of Consolidated Edison in a research report on Friday, January 23rd. Finally, Wells Fargo & Company lowered their price objective on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a report on Tuesday, January 20th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus target price of $104.20.

Insiders Place Their Bets

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 38,661 shares in the company, valued at approximately $3,745,864.29. This trade represents a 5.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.19% of the company’s stock.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $113.59 on Friday. The firm has a market cap of $41.00 billion, a PE ratio of 19.86, a price-to-earnings-growth ratio of 3.10 and a beta of 0.38. Consolidated Edison Inc has a 12-month low of $94.50 and a 12-month high of $114.87. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. The company’s fifty day simple moving average is $102.16 and its two-hundred day simple moving average is $100.61.

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 dividend of $0.8875 per share. This represents a $3.55 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, February 18th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s dividend payout ratio is currently 59.44%.

Consolidated Edison Profile

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.