821 Shares in Consolidated Edison, Inc. (NYSE:ED) Bought by LRI Investments LLC

LRI Investments LLC acquired a new position in Consolidated Edison, Inc. (NYSE:ED) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 821 shares of the utilities provider’s stock, valued at approximately $80,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Consolidated Edison during the 4th quarter valued at $243,511,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Consolidated Edison by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after buying an additional 47,936 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of Consolidated Edison by 6.6% in the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after purchasing an additional 123,654 shares in the last quarter. Hsbc Holdings PLC raised its position in Consolidated Edison by 11.2% in the 4th quarter. Hsbc Holdings PLC now owns 1,386,743 shares of the utilities provider’s stock valued at $126,042,000 after buying an additional 139,370 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Consolidated Edison by 0.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,126,595 shares of the utilities provider’s stock worth $102,484,000 after acquiring an additional 6,176 shares in the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

NYSE ED traded up $0.52 during trading hours on Friday, reaching $96.44. 1,438,755 shares of the stock traded hands, compared to its average volume of 1,490,286. The company has a market cap of $33.35 billion, a price-to-earnings ratio of 18.51, a price-to-earnings-growth ratio of 2.45 and a beta of 0.34. The stock has a 50 day simple moving average of $92.02 and a two-hundred day simple moving average of $91.19. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $98.55.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same quarter last year, the firm earned $1.83 EPS. The company’s revenue was down 2.8% on a year-over-year basis. On average, analysts predict that Consolidated Edison, Inc. will post 5.32 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Scotiabank cut their target price on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Mizuho raised their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Barclays downgraded Consolidated Edison from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $97.00 to $92.00 in a research report on Monday, July 22nd. Finally, Argus raised Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Four analysts have rated the stock with a sell rating, seven have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $89.04.

Consolidated Edison 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.