MML Investors Services LLC increased its position in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 9.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 116,047 shares of the utilities provider’s stock after buying an additional 9,968 shares during the period. MML Investors Services LLC’s holdings in Consolidated Edison were worth $11,102,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Dark Forest Capital Management LP bought a new position in shares of Consolidated Edison in the 4th quarter valued at approximately $25,000. Retirement Group LLC grew its holdings in Consolidated Edison by 74.8% during the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 116 shares during the last quarter. Venturi Wealth Management LLC bought a new position in shares of Consolidated Edison in the first quarter valued at approximately $28,000. Clear Street Markets LLC lifted its stake in shares of Consolidated Edison by 261.0% in the fourth quarter. Clear Street Markets LLC now owns 361 shares of the utilities provider’s stock worth $34,000 after buying an additional 261 shares during the last quarter. Finally, Almanack Investment Partners LLC. bought a new stake in shares of Consolidated Edison during the 3rd quarter worth $36,000. 64.53% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. Wells Fargo & Company decreased their price target on shares of Consolidated Edison from $102.00 to $96.00 and set an “underweight” rating for the company in a report on Friday, August 4th. Bank of America lowered their target price on Consolidated Edison from $103.00 to $96.00 and set a “buy” rating on the stock in a report on Wednesday, August 16th. Morgan Stanley reduced their price objective on Consolidated Edison from $74.00 to $73.00 and set an “underweight” rating for the company in a research report on Wednesday, August 23rd. Guggenheim dropped their target price on shares of Consolidated Edison from $90.00 to $85.00 in a research report on Friday, July 7th. Finally, Barclays initiated coverage on shares of Consolidated Edison in a research report on Wednesday, August 23rd. They issued an “equal weight” rating and a $88.00 price target on the stock. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $89.79.
Consolidated Edison Stock Up 2.0 %
ED opened at $88.50 on Friday. The firm has a market cap of $30.53 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 8.85 and a beta of 0.37. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.95 and a current ratio of 1.02. The firm’s 50-day simple moving average is $91.43 and its 200-day simple moving average is $93.59. Consolidated Edison, Inc. has a twelve month low of $78.10 and a twelve month high of $102.21.
Consolidated Edison (NYSE:ED – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.03. Consolidated Edison had a net margin of 15.84% and a return on equity of 8.27%. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $3.31 billion. During the same period in the prior year, the firm earned $0.64 earnings per share. Equities research analysts anticipate that Consolidated Edison, Inc. will post 4.9 EPS for the current fiscal year.
Consolidated Edison Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be given a $0.81 dividend. The ex-dividend date of this dividend is Tuesday, August 15th. This represents a $3.24 annualized dividend and a yield of 3.66%. Consolidated Edison’s payout ratio is 46.62%.
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 3.6 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.
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