SpiderRock Advisors LLC Increases Position in Consolidated Edison, Inc. (NYSE:ED)

SpiderRock Advisors LLC increased its stake in Consolidated Edison, Inc. (NYSE:ED) by 18.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,690 shares of the utilities provider’s stock after purchasing an additional 1,029 shares during the quarter. SpiderRock Advisors LLC’s holdings in Consolidated Edison were worth $697,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new position in Consolidated Edison during the 3rd quarter valued at about $27,000. Beacon Capital Management LLC boosted its stake in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the last quarter. Pathway Financial Advisers LLC acquired a new stake in shares of Consolidated Edison during the 1st quarter worth about $33,000. TruNorth Capital Management LLC acquired a new stake in shares of Consolidated Edison during the 2nd quarter worth about $33,000. Finally, Versant Capital Management Inc boosted its stake in shares of Consolidated Edison by 380.2% during the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 327 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.6 %

ED opened at $98.13 on Monday. The firm has a market capitalization of $33.97 billion, a P/E ratio of 19.09, a P/E/G ratio of 3.34 and a beta of 0.36. The firm’s 50 day moving average is $103.35 and its 200-day moving average is $97.92. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. Analysts expect that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.38%. Consolidated Edison’s dividend payout ratio is currently 64.59%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Scotiabank raised their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Guggenheim raised their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Finally, Wells Fargo & Company raised their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Consolidated Edison has a consensus rating of “Hold” and an average price target of $98.35.

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.