Consolidated Edison, Inc. (NYSE:ED) Shares Acquired by Allen Capital Group LLC

Allen Capital Group LLC boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 28.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,609 shares of the utilities provider’s stock after purchasing an additional 2,359 shares during the period. Allen Capital Group LLC’s holdings in Consolidated Edison were worth $947,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB acquired a new position in Consolidated Edison in the third quarter valued at $776,000. Pathway Financial Advisers LLC lifted its stake in shares of Consolidated Edison by 10,302.6% in the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock valued at $2,546,000 after purchasing an additional 24,211 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Consolidated Edison by 4.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after purchasing an additional 82,985 shares during the period. Hennessy Advisors Inc. increased its position in Consolidated Edison by 2.8% during the 4th quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock worth $12,772,000 after purchasing an additional 3,900 shares in the last quarter. Finally, Gateway Investment Advisers LLC raised its holdings in Consolidated Edison by 102.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock valued at $38,394,000 after buying an additional 217,981 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $93.63 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock has a 50 day moving average of $92.78 and a 200-day moving average of $98.10. The stock has a market cap of $32.44 billion, a P/E ratio of 17.65, a price-to-earnings-growth ratio of 2.89 and a beta of 0.38. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, analysts expect that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Wall Street Analyst Weigh In

Several research firms have issued reports on ED. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Morgan Stanley lowered their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Barclays reduced their price objective on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a research note on Monday. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Finally, Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $100.00.

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.