Baker Avenue Asset Management LP Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Baker Avenue Asset Management LP purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,085 shares of the utilities provider’s stock, valued at approximately $321,000.

Other hedge funds also recently made changes to their positions in the company. Pathway Financial Advisers LLC grew its position in shares of Consolidated Edison by 10,302.6% in the third quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock valued at $2,546,000 after purchasing an additional 24,211 shares in the last quarter. Sei Investments Co. boosted its stake in Consolidated Edison by 57.4% during the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after buying an additional 89,080 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in Consolidated Edison by 153.9% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 245,802 shares of the utilities provider’s stock valued at $22,321,000 after buying an additional 148,988 shares during the period. Mizuho Markets Americas LLC boosted its stake in Consolidated Edison by 121.1% during the first quarter. Mizuho Markets Americas LLC now owns 113,675 shares of the utilities provider’s stock valued at $10,323,000 after buying an additional 62,260 shares during the period. Finally, Plato Investment Management Ltd boosted its stake in Consolidated Edison by 17,683.9% during the first quarter. Plato Investment Management Ltd now owns 9,959 shares of the utilities provider’s stock valued at $904,000 after buying an additional 9,903 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on ED. Morgan Stanley lifted their price objective on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company upped their price objective on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Guggenheim upped their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Bank of America upped their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Scotiabank upped their price objective on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $98.35.

Consolidated Edison Trading Up 0.4 %

Shares of ED stock opened at $98.48 on Tuesday. The stock has a market capitalization of $34.09 billion, a PE ratio of 18.55, a P/E/G ratio of 3.31 and a beta of 0.36. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The business has a 50-day moving average of $103.35 and a 200 day moving average of $97.96. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a return on equity of 8.75% and a net margin of 12.27%. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s payout ratio is 62.52%.

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.