Quarry LP Acquires Shares of 1,223 Consolidated Edison, Inc. (NYSE:ED)

Quarry LP purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the fourth quarter, HoldingsChannel reports. The firm purchased 1,223 shares of the utilities provider’s stock, valued at approximately $109,000.

Other institutional investors have also recently modified their holdings of the company. Berger Financial Group Inc lifted its holdings in shares of Consolidated Edison by 2.3% in the fourth quarter. Berger Financial Group Inc now owns 55,694 shares of the utilities provider’s stock worth $4,970,000 after acquiring an additional 1,243 shares during the last quarter. Coldstream Capital Management Inc. raised its position in shares of Consolidated Edison by 10.1% during the fourth quarter. Coldstream Capital Management Inc. now owns 6,454 shares of the utilities provider’s stock worth $576,000 after acquiring an additional 590 shares during the last quarter. Nebula Research & Development LLC raised its holdings in Consolidated Edison by 224.1% during the 4th quarter. Nebula Research & Development LLC now owns 33,644 shares of the utilities provider’s stock worth $3,002,000 after purchasing an additional 23,264 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in Consolidated Edison during the 4th quarter worth about $605,000. Finally, Sompo Asset Management Co. Ltd. increased its holdings in Consolidated Edison by 21.2% in the fourth quarter. Sompo Asset Management Co. Ltd. now owns 3,950 shares of the utilities provider’s stock worth $352,000 after purchasing an additional 690 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Trading Up 1.0 %

Consolidated Edison stock opened at $112.19 on Wednesday. Consolidated Edison, Inc. has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The firm’s fifty day moving average price is $107.07 and its 200-day moving average price is $99.66. 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 stock has a market cap of $40.41 billion, a P/E ratio of 21.41, a PEG ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS 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 analysts’ expectations of $3.63 billion. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.89%.

Analyst Ratings Changes

ED has been the topic of a number of research analyst reports. Citigroup increased their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, April 9th. Scotiabank increased their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Mizuho boosted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Barclays increased their target price on shares of Consolidated Edison from $95.00 to $100.00 and gave the company an “underweight” rating in a research report on Tuesday, April 22nd. Finally, UBS Group lifted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.60.

Consolidated Edison Company 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.