Farringdon Capital Ltd. Acquires New Shares in Consolidated Edison, Inc. (NYSE:ED)

Farringdon Capital Ltd. purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 4,313 shares of the utilities provider’s stock, valued at approximately $385,000.

Other hedge funds have also recently modified their holdings of the company. AlphaMark Advisors LLC bought a new position in Consolidated Edison in the fourth quarter worth about $27,000. Fairway Wealth LLC bought a new position in shares of Consolidated Edison during the 4th quarter worth approximately $36,000. OFI Invest Asset Management purchased a new stake in Consolidated Edison during the fourth quarter valued at approximately $35,000. Centricity Wealth Management LLC acquired a new stake in Consolidated Edison in the fourth quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in Consolidated Edison in the fourth quarter worth $44,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

NYSE:ED opened at $111.94 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The company has a 50 day moving average price of $104.45 and a 200-day moving average price of $99.19. Consolidated Edison, Inc. has a 1-year low of $87.28 and a 1-year high of $114.87. The firm has a market cap of $40.32 billion, a price-to-earnings ratio of 21.36, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.04%. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

Wall Street Analysts Forecast Growth

ED has been the subject of a number of research analyst reports. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Mizuho increased their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. UBS Group boosted their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Barclays raised their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Finally, Morgan Stanley boosted their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a report on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average price target of $102.80.

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.