Consolidated Edison, Inc. (NYSE:ED) Shares Bought by Douglas Lane & Associates LLC

Douglas Lane & Associates LLC boosted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 54.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,504 shares of the utilities provider’s stock after purchasing an additional 1,947 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Consolidated Edison were worth $491,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the business. Point72 Asset Management L.P. lifted its position in Consolidated Edison by 1,766.0% during the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after purchasing an additional 935,962 shares during the period. Clean Energy Transition LLP raised its stake in shares of Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares during the last quarter. FMR LLC lifted its holdings in shares of Consolidated Edison by 82.3% in the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after buying an additional 572,530 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Consolidated Edison by 10,262.1% in the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after buying an additional 548,204 shares during the last quarter. Finally, National Bank of Canada FI grew its holdings in Consolidated Edison by 350.6% during the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after acquiring an additional 482,953 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ED. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Morgan Stanley decreased their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price objective for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Finally, UBS Group raised their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $100.64.

Consolidated Edison Price Performance

NYSE:ED opened at $88.93 on Thursday. The stock has a 50 day moving average of $94.64 and a two-hundred day moving average of $97.88. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The firm has a market cap of $30.81 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 3.11 and a beta of 0.38. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. On average, analysts expect that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

Consolidated Edison 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.