Foundations Investment Advisors LLC Raises Position in Consolidated Edison, Inc. (NYSE:ED)

Foundations Investment Advisors LLC lifted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,913 shares of the utilities provider’s stock after purchasing an additional 188 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Consolidated Edison were worth $708,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ED. Norges Bank purchased a new stake in Consolidated Edison in the 4th quarter valued at about $243,511,000. AMF Tjanstepension AB boosted its position in shares of Consolidated Edison by 243.2% in the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after acquiring an additional 352,903 shares during the last quarter. Swedbank AB purchased a new stake in Consolidated Edison in the first quarter valued at approximately $30,515,000. Clean Energy Transition LLP acquired a new position in Consolidated Edison during the first quarter worth approximately $24,861,000. Finally, Pinebridge Investments L.P. raised its stake in Consolidated Edison by 56.1% during the fourth quarter. Pinebridge Investments L.P. now owns 702,721 shares of the utilities provider’s stock worth $63,927,000 after purchasing an additional 252,617 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Trading Down 0.5 %

Shares of ED opened at $103.32 on Friday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. Consolidated Edison, Inc. has a one year low of $80.46 and a one year high of $105.99. The stock has a 50-day moving average price of $97.19 and a 200 day moving average price of $93.47. The company has a market capitalization of $35.73 billion, a P/E ratio of 19.83, a P/E/G ratio of 3.43 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period in the prior year, the business posted $0.61 EPS. Sell-side analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s payout ratio is currently 63.72%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Scotiabank boosted their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Guggenheim upped their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Argus raised Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Barclays increased their target price on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research report on Monday, August 5th. Finally, Bank of America lifted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report 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 stock. According to data from MarketBeat, Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $92.65.

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.