Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 14.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,399 shares of the utilities provider’s stock after purchasing an additional 16,767 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Consolidated Edison were worth $10,249,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of ED. Wealth Quarterback LLC purchased a new stake in Consolidated Edison during the fourth quarter worth $20,911,510,000. Norges Bank acquired a new position in shares of Consolidated Edison in the fourth quarter worth about $298,802,000. BlackRock Inc. boosted its stake in shares of Consolidated Edison by 2.0% during the 1st quarter. BlackRock Inc. now owns 33,418,851 shares of the utilities provider’s stock worth $2,606,672,000 after acquiring an additional 658,909 shares in the last quarter. State Street Corp grew its position in shares of Consolidated Edison by 2.8% during the 4th quarter. State Street Corp now owns 22,528,391 shares of the utilities provider’s stock valued at $2,038,144,000 after acquiring an additional 610,178 shares during the period. Finally, Panagora Asset Management Inc. grew its position in shares of Consolidated Edison by 54.0% during the 4th quarter. Panagora Asset Management Inc. now owns 1,186,786 shares of the utilities provider’s stock valued at $107,368,000 after acquiring an additional 416,180 shares during the period. Hedge funds and other institutional investors own 59.31% of the company’s stock.
Shares of NYSE ED traded up $0.26 during mid-day trading on Friday, reaching $70.18. The company’s stock had a trading volume of 1,397,037 shares, compared to its average volume of 2,116,714. The stock has a 50-day moving average of $79.53 and a two-hundred day moving average of $85.83. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.74 and a current ratio of 0.80. The stock has a market capitalization of $23.36 billion, a P/E ratio of 18.09, a P/E/G ratio of 8.08 and a beta of 0.23. Consolidated Edison, Inc. has a 1-year low of $62.03 and a 1-year high of $95.10.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 7th. The utilities provider reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.08). The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.60 billion. Consolidated Edison had a return on equity of 7.92% and a net margin of 10.53%. During the same quarter in the previous year, the firm posted $1.39 earnings per share. Analysts predict that Consolidated Edison, Inc. will post 4.33 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Wednesday, May 13th will be given a $0.765 dividend. The ex-dividend date is Tuesday, May 12th. This represents a $3.06 dividend on an annualized basis and a dividend yield of 4.36%. Consolidated Edison’s dividend payout ratio (DPR) is presently 70.02%.
Several analysts have commented on ED shares. Wells Fargo & Co dropped their price objective on Consolidated Edison from $99.00 to $78.00 and set an “equal weight” rating on the stock in a report on Monday, May 11th. UBS Group dropped their price target on shares of Consolidated Edison from $96.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Morgan Stanley cut their price target on shares of Consolidated Edison from $84.00 to $76.00 and set an “underweight” rating for the company in a report on Friday, May 15th. Citigroup decreased their price objective on shares of Consolidated Edison from $89.00 to $78.50 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Finally, Credit Suisse Group reissued a “sell” rating and set a $76.00 target price on shares of Consolidated Edison in a research note on Friday, May 8th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Consolidated Edison presently has an average rating of “Hold” and an average price target of $79.09.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
Featured Article: G-20
Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:ED).
Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.