Polymer Capital Management US LLC Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Polymer Capital Management US LLC purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,898 shares of the utilities provider’s stock, valued at approximately $794,000.

Several other large investors have also bought and sold shares of the stock. United Bank acquired a new position in Consolidated Edison in the third quarter valued at $227,000. Janus Henderson Group PLC raised its position in shares of Consolidated Edison by 2.8% in the 3rd quarter. Janus Henderson Group PLC now owns 54,440 shares of the utilities provider’s stock worth $5,669,000 after acquiring an additional 1,500 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $872,000. Royal London Asset Management Ltd. boosted its position in shares of Consolidated Edison by 3.3% during the 3rd quarter. Royal London Asset Management Ltd. now owns 142,600 shares of the utilities provider’s stock valued at $14,849,000 after purchasing an additional 4,560 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake in Consolidated Edison by 42.6% during the third quarter. Quantinno Capital Management LP now owns 43,941 shares of the utilities provider’s stock worth $4,576,000 after purchasing an additional 13,124 shares during the period. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. UBS Group boosted their price target on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Barclays boosted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Morgan Stanley raised their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a report on Thursday, March 20th. Mizuho upped their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $102.40.

Consolidated Edison Stock Performance

Shares of ED opened at $109.53 on Monday. The firm has a market capitalization of $39.45 billion, a P/E ratio of 20.90, a P/E/G ratio of 3.05 and a beta of 0.27. Consolidated Edison, Inc. has a 52 week low of $87.28 and a 52 week high of $114.87. The stock has a 50 day moving average price of $101.43 and a two-hundred day moving average price of $98.70. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

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

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were issued a $0.85 dividend. The ex-dividend date was Wednesday, February 19th. This represents a $3.40 annualized dividend and a dividend yield of 3.10%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 64.89%.

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.