CWA Asset Management Group LLC Purchases 107 Shares of Consolidated Edison, Inc. (NYSE:ED)

Posted by Wayne Rhoads on Mar 19th, 2023

CWA Asset Management Group LLC lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 2.8% during the 4th quarter, HoldingsChannel reports. The firm owned 3,908 shares of the utilities provider’s stock after acquiring an additional 107 shares during the period. CWA Asset Management Group LLC’s holdings in Consolidated Edison were worth $372,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ED. Vanguard Group Inc. boosted its holdings in Consolidated Edison by 1.1% in the third quarter. Vanguard Group Inc. now owns 42,918,192 shares of the utilities provider’s stock worth $3,680,664,000 after acquiring an additional 483,980 shares in the last quarter. Marshall Wace LLP boosted its holdings in Consolidated Edison by 98.8% in the third quarter. Marshall Wace LLP now owns 740,044 shares of the utilities provider’s stock worth $63,464,000 after acquiring an additional 367,856 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Consolidated Edison by 97.0% in the second quarter. Renaissance Technologies LLC now owns 694,668 shares of the utilities provider’s stock worth $66,063,000 after acquiring an additional 342,000 shares in the last quarter. Amundi boosted its holdings in Consolidated Edison by 25.8% in the second quarter. Amundi now owns 1,601,465 shares of the utilities provider’s stock worth $150,230,000 after acquiring an additional 328,235 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in Consolidated Edison by 27.6% in the third quarter. Royal Bank of Canada now owns 1,360,277 shares of the utilities provider’s stock worth $116,655,000 after acquiring an additional 294,564 shares in the last quarter. 64.95% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

Shares of ED opened at $95.63 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.14 and a debt-to-equity ratio of 0.96. The business has a 50-day simple moving average of $93.34 and a two-hundred day simple moving average of $92.97. The stock has a market cap of $33.95 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 9.85 and a beta of 0.35. Consolidated Edison, Inc. has a 52 week low of $78.10 and a 52 week high of $102.21.

Consolidated Edison (NYSE:ED – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The utilities provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.03. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Consolidated Edison had a return on equity of 7.79% and a net margin of 10.59%. The business’s quarterly revenue was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.00 earnings per share. On average, analysts expect that Consolidated Edison, Inc. will post 4.86 EPS for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, February 15th were given a $0.81 dividend. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.79. The ex-dividend date of this dividend was Tuesday, February 14th. This represents a $3.24 dividend on an annualized basis and a yield of 3.39%. Consolidated Edison’s dividend payout ratio is presently 69.38%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Guggenheim dropped their target price on Consolidated Edison from $97.00 to $86.00 in a report on Friday, February 17th. Bank of America upgraded Consolidated Edison from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $78.00 to $95.00 in a research note on Wednesday, November 30th. JPMorgan Chase & Co. decreased their price target on Consolidated Edison from $88.00 to $87.00 and set an “underweight” rating for the company in a research note on Thursday, February 2nd. Credit Suisse Group decreased their price target on Consolidated Edison from $95.00 to $91.00 and set a “neutral” rating for the company in a research note on Friday, February 17th. Finally, UBS Group boosted their price target on Consolidated Edison to $96.00 in a research note on Monday, November 21st. Five research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $89.25.

Consolidated Edison Company Profile

(Get Rating)

Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.