Mesirow Financial Investment Management Inc. Purchases 697 Shares of Consolidated Edison, Inc. (NYSE:ED)

Mesirow Financial Investment Management Inc. increased its position in Consolidated Edison, Inc. (NYSE:ED) by 7.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,659 shares of the utilities provider’s stock after purchasing an additional 697 shares during the quarter. Mesirow Financial Investment Management Inc.’s holdings in Consolidated Edison were worth $953,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Beacon Capital Management LLC boosted its holdings 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 valued at $28,000 after buying an additional 300 shares in the last quarter. Tidemark LLC purchased a new position in Consolidated Edison during the 4th quarter valued at about $29,000. Raleigh Capital Management Inc. bought a new stake in Consolidated Edison during the fourth quarter worth about $29,000. Pathway Financial Advisers LLC purchased a new stake in Consolidated Edison in the first quarter worth about $33,000. Finally, TruNorth Capital Management LLC purchased a new stake in Consolidated Edison in the second quarter worth about $33,000. 66.29% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ED has been the topic of a number of analyst reports. Morgan Stanley boosted their price target on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research report on Friday, August 23rd. Guggenheim lifted their price objective on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Scotiabank increased their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Bank of America raised their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Barclays upped their price target on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $92.65.

Consolidated Edison Stock Performance

Shares of ED stock opened at $104.85 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The company has a 50 day moving average price of $99.06 and a 200-day moving average price of $94.28. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $105.99. The firm has a market capitalization of $36.26 billion, a PE ratio of 20.12, a P/E/G ratio of 3.50 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the previous year, the firm posted $0.61 EPS. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

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.