Foster & Motley Inc. Purchases New Shares in Consolidated Edison, Inc. (NYSE:ED)

Foster & Motley Inc. purchased a new position in Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 4,010 shares of the utilities provider’s stock, valued at approximately $365,000.

Other large investors also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. increased its stake in shares of Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 194 shares in the last quarter. Level Financial Advisors Inc. acquired a new stake in Consolidated Edison in the 3rd quarter worth about $26,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Consolidated Edison during the 4th quarter worth approximately $29,000. Bruce G. Allen Investments LLC acquired a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $31,000. Finally, CVA Family Office LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $32,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ED. Scotiabank decreased their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday. UBS Group dropped their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Barclays boosted their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Finally, LADENBURG THALM/SH SH began coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price target on the stock. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $87.54.

Consolidated Edison Stock Up 0.6 %

NYSE:ED opened at $93.43 on Thursday. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $100.92. The stock’s fifty day moving average is $89.29 and its two-hundred day moving average is $89.83. The stock has a market capitalization of $32.28 billion, a price-to-earnings ratio of 13.01, a price-to-earnings-growth ratio of 8.76 and a beta of 0.35. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same quarter in the prior year, the company earned $0.81 EPS. Consolidated Edison’s revenue was down 14.6% on a year-over-year basis. Research analysts anticipate that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.55%. Consolidated Edison’s dividend payout ratio (DPR) is presently 46.24%.

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.