Consolidated Edison, Inc. (NYSE:ED) Stock Holdings Increased by Investment Management Corp of Ontario

Investment Management Corp of Ontario boosted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 12.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 35,248 shares of the utilities provider’s stock after buying an additional 3,800 shares during the period. Investment Management Corp of Ontario’s holdings in Consolidated Edison were worth $3,670,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Consolidated Edison by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,148,666 shares of the utilities provider’s stock worth $223,741,000 after purchasing an additional 28,254 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Consolidated Edison by 0.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock valued at $134,323,000 after acquiring an additional 11,785 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Consolidated Edison by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after purchasing an additional 125,859 shares during the period. FMR LLC boosted its holdings in Consolidated Edison by 82.3% during the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after acquiring an additional 572,530 shares during the period. Finally, Swiss National Bank grew its holdings in Consolidated Edison by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,026,500 shares of the utilities provider’s stock valued at $106,889,000 after buying an additional 3,500 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ED shares. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Jefferies Financial Group began coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. Barclays lowered their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research note on Friday, November 8th. Finally, UBS Group upped their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $99.13.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $97.54 on Wednesday. The company has a 50 day moving average of $101.53 and a 200-day moving average of $98.23. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The company has a market cap of $33.79 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

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.