Tobam Raises Position in Consolidated Edison Inc $ED

Tobam boosted its position in Consolidated Edison Inc (NYSE:ED) by 22.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 75,802 shares of the utilities provider’s stock after buying an additional 14,140 shares during the quarter. Consolidated Edison makes up about 2.8% of Tobam’s investment portfolio, making the stock its 2nd biggest holding. Tobam’s holdings in Consolidated Edison were worth $7,620,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of ED. JPMorgan Chase & Co. grew its position in shares of Consolidated Edison by 2.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,831,756 shares of the utilities provider’s stock worth $184,128,000 after acquiring an additional 36,997 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in Consolidated Edison by 2.1% during the third quarter. State of New Jersey Common Pension Fund D now owns 114,012 shares of the utilities provider’s stock valued at $11,460,000 after purchasing an additional 2,314 shares during the last quarter. Calton & Associates Inc. bought a new stake in Consolidated Edison during the third quarter valued at $912,000. HighTower Advisors LLC raised its holdings in shares of Consolidated Edison by 17.0% during the third quarter. HighTower Advisors LLC now owns 162,359 shares of the utilities provider’s stock worth $16,320,000 after purchasing an additional 23,589 shares during the period. Finally, Shepherd Financial Partners LLC lifted its position in shares of Consolidated Edison by 1.6% in the 3rd quarter. Shepherd Financial Partners LLC now owns 14,729 shares of the utilities provider’s stock worth $1,481,000 after buying an additional 235 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ED. Barclays lowered their price objective on shares of Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating for the company in a research report on Thursday, January 22nd. UBS Group upped their target price on Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. Royal Bank Of Canada reissued a “sector perform” rating and issued a $118.00 price target on shares of Consolidated Edison in a report on Friday, January 23rd. TD Cowen assumed coverage on Consolidated Edison in a research note on Friday, January 9th. They set a “hold” rating and a $105.00 price objective for the company. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $104.20.

Consolidated Edison Stock Up 1.7%

ED opened at $113.59 on Monday. The stock’s 50 day moving average price is $102.16 and its 200 day moving average price is $100.59. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. The stock has a market cap of $41.00 billion, a P/E ratio of 19.86, a P/E/G ratio of 3.10 and a beta of 0.38. Consolidated Edison Inc has a 12 month low of $94.50 and a 12 month high of $114.87.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, February 18th will be issued a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, February 18th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.85. This represents a $3.55 annualized dividend and a yield of 3.1%. Consolidated Edison’s dividend payout ratio is currently 59.44%.

Insider Transactions at Consolidated Edison

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $96.89, for a total transaction of $220,521.64. Following the sale, the director directly owned 38,661 shares in the company, valued at approximately $3,745,864.29. The trade was a 5.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by corporate insiders.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.