GAMMA Investing LLC Acquires Shares of 3,287 Consolidated Edison, Inc. (NYSE:ED)

GAMMA Investing LLC purchased a new position in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,287 shares of the utilities provider’s stock, valued at approximately $299,000.

Several other large investors have also recently made changes to their positions in the company. Financial Gravity Asset Management Inc. lifted its stake in shares of Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares in the last quarter. Level Financial Advisors Inc. purchased a new position in Consolidated Edison during the third quarter worth approximately $26,000. Turtle Creek Wealth Advisors LLC acquired a new position in Consolidated Edison during the fourth quarter worth $29,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter worth $31,000. Finally, CVA Family Office LLC purchased a new position in shares of Consolidated Edison during the 4th quarter worth $32,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ED shares. Scotiabank cut their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday. Barclays lifted their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Thursday, March 14th. UBS Group cut their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Royal Bank of Canada decreased their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Finally, LADENBURG THALM/SH SH started coverage on shares of Consolidated Edison in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target on the stock. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $87.54.

Consolidated Edison Stock Up 0.6 %

Shares of NYSE:ED opened at $93.43 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $100.92. The stock has a market cap of $32.28 billion, a price-to-earnings ratio of 13.01, a price-to-earnings-growth ratio of 8.76 and a beta of 0.35. The firm’s 50 day moving average price is $89.29 and its 200 day moving average price is $89.83.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.02. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The company’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.81 EPS. As a group, equities research analysts predict that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.55%. Consolidated Edison’s payout ratio is currently 46.24%.

Consolidated Edison Company 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.