HighPoint Advisor Group LLC Purchases New Shares in Consolidated Edison, Inc. (NYSE:ED)

HighPoint Advisor Group LLC acquired a new stake in shares of Consolidated Edison, Inc. (NYSE:EDFree Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 12,529 shares of the utilities provider’s stock, valued at approximately $1,109,000.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in Consolidated Edison during the 4th quarter worth about $243,511,000. International Assets Investment Management LLC grew its holdings in Consolidated Edison by 9,063.6% during the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after acquiring an additional 513,364 shares in the last quarter. Northern Trust Corp grew its holdings in Consolidated Edison by 8.2% during the 3rd quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock worth $383,519,000 after acquiring an additional 340,239 shares in the last quarter. Retirement Systems of Alabama grew its holdings in Consolidated Edison by 408.8% during the 4th quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock worth $36,101,000 after acquiring an additional 318,858 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its holdings in Consolidated Edison by 1,560.1% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 301,292 shares of the utilities provider’s stock worth $25,770,000 after acquiring an additional 283,143 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Consolidated Edison stock traded up $0.01 during trading on Tuesday, reaching $90.66. The company had a trading volume of 43,491 shares, compared to its average volume of 1,924,222. The firm’s 50-day simple moving average is $93.47 and its 200 day simple moving average is $91.23. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $98.85. The firm has a market capitalization of $31.35 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 2.30 and a beta of 0.35. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99.

Consolidated Edison (NYSE:EDGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter last year, the company earned $1.83 EPS. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were issued a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.66%. Consolidated Edison’s payout ratio is currently 63.72%.

Analyst Ratings Changes

Several brokerages have issued reports on ED. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Barclays increased their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 7th. Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Morgan Stanley increased their price objective on shares of Consolidated Edison from $73.00 to $80.00 and gave the company an “underweight” rating in a research report on Tuesday, May 28th. Finally, Mizuho increased their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $89.58.

View Our Latest Stock Report on Consolidated Edison

About Consolidated Edison

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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