Assetmark Inc. Raises Stock Holdings in Consolidated Edison Inc $ED

Assetmark Inc. boosted its holdings in Consolidated Edison Inc (NYSE:ED) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 671,488 shares of the utilities provider’s stock after purchasing an additional 18,915 shares during the period. Assetmark Inc. owned about 0.19% of Consolidated Edison worth $67,498,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Salomon & Ludwin LLC grew its holdings in Consolidated Edison by 270.4% during the third quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 219 shares during the period. Bogart Wealth LLC increased its position in shares of Consolidated Edison by 886.5% during the second quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after buying an additional 328 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Consolidated Edison in the 3rd quarter worth approximately $38,000. True Wealth Design LLC boosted its stake in Consolidated Edison by 392.1% during the third quarter. True Wealth Design LLC now owns 497 shares of the utilities provider’s stock valued at $50,000 after buying an additional 396 shares during the period. Finally, Webster Bank N. A. boosted its position in shares of Consolidated Edison by 67.8% during the 3rd quarter. Webster Bank N. A. now owns 495 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 200 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED opened at $111.65 on Friday. The stock has a 50-day moving average of $101.82 and a two-hundred day moving average of $100.53. Consolidated Edison Inc has a one year low of $94.49 and a one year high of $114.87. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08. The stock has a market cap of $40.30 billion, a P/E ratio of 19.52, a P/E/G ratio of 2.99 and a beta of 0.38.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, February 18th will be given a $0.8875 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.85. This represents a $3.55 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Wednesday, February 18th. Consolidated Edison’s payout ratio is currently 59.44%.

Insider Buying and Selling

In related news, Director John F. Killian sold 2,276 shares of the stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the transaction, the director owned 38,661 shares in the company, valued at approximately $3,745,864.29. This represents a 5.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ED. Royal Bank Of Canada restated a “sector perform” rating and set a $118.00 price target on shares of Consolidated Edison in a research report on Friday, January 23rd. UBS Group upped their price objective on shares of Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Barclays dropped their price target on Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating for the company in a research note on Thursday, January 22nd. Wells Fargo & Company reduced their target price on Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 20th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $96.00 target price on shares of Consolidated Edison in a research report on Wednesday, January 21st. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $104.20.

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.