PFG Investments LLC Has $6.67 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

PFG Investments LLC grew its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 64,074 shares of the utilities provider’s stock after purchasing an additional 1,672 shares during the quarter. PFG Investments LLC’s holdings in Consolidated Edison were worth $6,672,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ED. Brookstone Capital Management raised its stake in Consolidated Edison by 4.3% during the 1st quarter. Brookstone Capital Management now owns 24,010 shares of the utilities provider’s stock worth $2,180,000 after buying an additional 981 shares during the period. 180 Wealth Advisors LLC raised its position in shares of Consolidated Edison by 6.0% during the first quarter. 180 Wealth Advisors LLC now owns 4,682 shares of the utilities provider’s stock worth $425,000 after purchasing an additional 267 shares during the period. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Consolidated Edison by 32.6% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 11,673 shares of the utilities provider’s stock worth $1,060,000 after purchasing an additional 2,868 shares in the last quarter. Coston McIsaac & Partners boosted its stake in Consolidated Edison by 3.7% during the 1st quarter. Coston McIsaac & Partners now owns 58,841 shares of the utilities provider’s stock valued at $5,343,000 after purchasing an additional 2,115 shares during the last quarter. Finally, Strata Wealth Advisors LLC bought a new stake in Consolidated Edison during the first quarter worth $292,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on ED shares. Bank of America lifted their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Morgan Stanley increased their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Guggenheim boosted their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays lifted their target price on shares of Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a research report on Monday, October 21st. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $98.73.

Consolidated Edison Trading Down 2.2 %

NYSE:ED traded down $2.40 during mid-day trading on Friday, reaching $104.60. 1,734,348 shares of the company’s stock traded hands, compared to its average volume of 1,832,982. The firm has a market capitalization of $36.17 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 3.46 and a beta of 0.36. The company has a 50 day moving average price of $103.35 and a 200-day moving average price of $97.15. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. 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 posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period last year, the company posted $0.61 EPS. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued 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 3.17%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

About Consolidated Edison

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.