Tectonic Advisors LLC raised its stake in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) by 27.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,669 shares of the utilities provider’s stock after buying an additional 6,625 shares during the quarter. Tectonic Advisors LLC’s holdings in Consolidated Edison were worth $2,934,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in ED. Dark Forest Capital Management LP purchased a new position in shares of Consolidated Edison during the fourth quarter worth about $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Consolidated Edison during the fourth quarter worth about $26,000. Retirement Group LLC grew its holdings in shares of Consolidated Edison by 74.8% during the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 116 shares in the last quarter. Boyd Watterson Asset Management LLC OH purchased a new position in shares of Consolidated Edison during the fourth quarter worth about $32,000. Finally, Clear Street Markets LLC grew its holdings in shares of Consolidated Edison by 261.0% during the fourth quarter. Clear Street Markets LLC now owns 361 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 261 shares in the last quarter. Hedge funds and other institutional investors own 67.30% of the company’s stock.
Analyst Ratings Changes
Several research analysts have recently commented on ED shares. Bank of America cut their price objective on Consolidated Edison from $96.00 to $92.00 in a report on Wednesday, June 28th. Morgan Stanley boosted their price objective on Consolidated Edison from $70.00 to $77.00 and gave the stock an “underweight” rating in a report on Thursday, April 20th. 3M reaffirmed a “maintains” rating on shares of Consolidated Edison in a research note on Friday, May 5th. JPMorgan Chase & Co. cut their target price on Consolidated Edison from $89.00 to $80.00 in a research note on Wednesday, June 7th. Finally, Argus raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $104.00 target price for the company in a research note on Wednesday, March 22nd. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average price target of $90.00.
Consolidated Edison Trading Down 0.5 %
ED stock traded down $0.43 during midday trading on Monday, hitting $91.60. The company had a trading volume of 623,768 shares, compared to its average volume of 1,846,868. The company has a current ratio of 1.20, a quick ratio of 1.11 and a debt-to-equity ratio of 0.99. Consolidated Edison, Inc. has a 52 week low of $78.10 and a 52 week high of $102.21. The stock’s 50 day moving average price is $94.08 and its 200 day moving average price is $94.61. The stock has a market cap of $31.74 billion, a price-to-earnings ratio of 13.11, a PEG ratio of 9.48 and a beta of 0.36.
Consolidated Edison (NYSE:ED – Free Report) last announced its quarterly earnings data on Thursday, May 4th. The utilities provider reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.21. Consolidated Edison had a return on equity of 8.36% and a net margin of 15.56%. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the company posted $1.47 earnings per share. The business’s revenue was up 8.4% on a year-over-year basis. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 4.86 earnings per share for the current fiscal year.
Consolidated Edison Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Wednesday, May 17th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date was Tuesday, May 16th. Consolidated Edison’s payout ratio is 46.15%.
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 3.6 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.