Prime Capital Investment Advisors LLC Raises Holdings in Consolidated Edison, Inc. (NYSE:ED)

Prime Capital Investment Advisors LLC grew its stake in Consolidated Edison, Inc. (NYSE:ED) by 11.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,615 shares of the utilities provider’s stock after buying an additional 365 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Consolidated Edison were worth $376,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Entropy Technologies LP grew its stake in shares of Consolidated Edison by 17.2% during the third quarter. Entropy Technologies LP now owns 64,470 shares of the utilities provider’s stock worth $6,713,000 after purchasing an additional 9,468 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of Consolidated Edison during the 3rd quarter worth about $30,000. Los Angeles Capital Management LLC raised its position in shares of Consolidated Edison by 5.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 272,310 shares of the utilities provider’s stock worth $28,356,000 after acquiring an additional 13,342 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth about $211,000. Finally, Baker Avenue Asset Management LP purchased a new stake in Consolidated Edison during the third quarter worth approximately $321,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 1.3 %

Shares of Consolidated Edison stock opened at $96.44 on Friday. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The company has a market cap of $33.41 billion, a P/E ratio of 18.16, a PEG ratio of 3.21 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The firm has a fifty day moving average of $102.68 and a two-hundred day moving average of $97.99.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. On average, analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Analyst Upgrades and Downgrades

ED has been the topic of a number of research analyst reports. Bank of America raised their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Scotiabank lifted their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Wells Fargo & Company upped their target price on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $98.35.

About Consolidated Edison

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.