16,925 Shares in Consolidated Edison, Inc. (NYSE:ED) Bought by Summit Global Investments

Summit Global Investments acquired a new position in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,925 shares of the utilities provider’s stock, valued at approximately $1,540,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Financial Gravity Asset Management Inc. boosted its position in 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 during the period. Turtle Creek Wealth Advisors LLC acquired a new position in Consolidated Edison in the 4th quarter valued at $29,000. Bruce G. Allen Investments LLC bought a new position in Consolidated Edison in the 4th quarter worth $31,000. CVA Family Office LLC acquired a new position in Consolidated Edison during the 4th quarter worth $32,000. Finally, Venturi Wealth Management LLC boosted its holdings in Consolidated Edison by 62.2% during the third quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock valued at $41,000 after acquiring an additional 183 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Up 0.3 %

Shares of ED stock traded up $0.31 on Friday, hitting $95.56. 2,464,123 shares of the stock were exchanged, compared to its average volume of 1,897,431. The business has a 50-day moving average of $90.06 and a 200 day moving average of $90.08. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $100.44. The firm has a market capitalization of $33.02 billion, a P/E ratio of 13.31, a price-to-earnings-growth ratio of 8.92 and a beta of 0.34. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.26. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period last year, the business earned $1.83 EPS. Equities analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is presently 46.24%.

Analyst Ratings Changes

ED has been the subject of several research analyst reports. UBS Group cut their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Barclays boosted their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. Scotiabank reduced their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Finally, Royal Bank of Canada cut their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $87.75.

Consolidated Edison Company 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.