Almanack Investment Partners LLC. Invests $3.24 Million in Consolidated Edison Inc $ED

Almanack Investment Partners LLC. purchased a new position in shares of Consolidated Edison Inc (NYSE:ED) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 32,300 shares of the utilities provider’s stock, valued at approximately $3,241,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. GW Henssler & Associates Ltd. raised its stake in shares of Consolidated Edison by 13.7% during the 2nd quarter. GW Henssler & Associates Ltd. now owns 3,310 shares of the utilities provider’s stock worth $332,000 after purchasing an additional 400 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Consolidated Edison during the 2nd quarter worth about $93,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Consolidated Edison by 12.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 70,854 shares of the utilities provider’s stock worth $7,111,000 after purchasing an additional 7,761 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of Consolidated Edison by 4.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 8,335 shares of the utilities provider’s stock worth $836,000 after purchasing an additional 324 shares in the last quarter. Finally, Johnson Investment Counsel Inc. raised its stake in shares of Consolidated Edison by 1.1% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 14,574 shares of the utilities provider’s stock valued at $1,463,000 after acquiring an additional 165 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ED. Barclays raised their price objective on Consolidated Edison from $101.00 to $107.00 and gave the company an “underweight” rating in a research note on Wednesday, August 13th. Scotiabank raised their price objective on Consolidated Edison from $101.00 to $106.00 and gave the company a “sector perform” rating in a research note on Monday, August 11th. KeyCorp reissued an “overweight” rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Evercore ISI began coverage on Consolidated Edison in a research note on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 price objective on the stock. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Consolidated Edison in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $105.75.

Consolidated Edison Stock Performance

ED opened at $102.36 on Monday. The firm has a market capitalization of $36.92 billion, a P/E ratio of 18.58, a price-to-earnings-growth ratio of 2.85 and a beta of 0.32. The stock’s 50 day moving average price is $99.73 and its two-hundred day moving average price is $103.00. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.During the same quarter last year, the firm posted $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, equities analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Wednesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 61.71%.

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.