ING Groep NV Raises Stock Position in Consolidated Edison Inc $ED

ING Groep NV grew its stake in Consolidated Edison Inc (NYSE:ED) by 34.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,687 shares of the utilities provider’s stock after purchasing an additional 11,916 shares during the quarter. ING Groep NV’s holdings in Consolidated Edison were worth $4,693,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Consolidated Edison by 4.5% during 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 buying an additional 1,923,717 shares during the period. Geode Capital Management LLC grew its holdings in shares of Consolidated Edison by 6.1% during the 2nd 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 during the period. Norges Bank purchased a new position in shares of Consolidated Edison during the 2nd quarter worth approximately $462,218,000. ATLAS Infrastructure Partners UK Ltd. raised its position in shares of Consolidated Edison by 4.8% in the 2nd quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,409,288 shares of the utilities provider’s stock worth $241,772,000 after acquiring an additional 110,666 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Consolidated Edison by 4.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,376,237 shares of the utilities provider’s stock valued at $238,455,000 after purchasing an additional 104,643 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 1.6%

NYSE:ED opened at $111.65 on Friday. 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 firm 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 Inc has a fifty-two week low of $94.49 and a fifty-two week high of $114.87. The firm has a 50-day simple moving average of $101.82 and a two-hundred day simple moving average of $100.53.

Consolidated Edison Increases Dividend

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

Insider Transactions at Consolidated Edison

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total transaction of $220,521.64. Following the sale, the director directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

ED has been the subject of a number of research reports. Wells Fargo & Company decreased their price objective on Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a report on Tuesday, January 20th. UBS Group upped their target price on shares of Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. lowered their price target on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a research report on Friday, December 12th. Morgan Stanley reissued an “underweight” rating and set a $96.00 price objective on shares of Consolidated Edison in a research note on Wednesday, January 21st. Finally, KeyCorp decreased their target price on shares of Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating for the company in a research note on Friday, December 12th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $104.20.

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.