AGF Management Ltd. Raises Stake in Consolidated Edison, Inc. (NYSE:ED)

AGF Management Ltd. increased its position in Consolidated Edison, Inc. (NYSE:ED) by 18.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,751 shares of the utilities provider’s stock after buying an additional 5,005 shares during the period. AGF Management Ltd.’s holdings in Consolidated Edison were worth $2,839,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Marino Stram & Associates LLC grew its stake in Consolidated Edison by 0.6% in the 1st quarter. Marino Stram & Associates LLC now owns 19,623 shares of the utilities provider’s stock worth $1,782,000 after acquiring an additional 108 shares during the period. Syon Capital LLC increased its stake in Consolidated Edison by 2.3% in the fourth quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock valued at $542,000 after purchasing an additional 136 shares during the last quarter. G&S Capital LLC increased its stake in Consolidated Edison by 1.6% in the first quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock valued at $794,000 after purchasing an additional 139 shares during the last quarter. Checchi Capital Advisers LLC lifted its position in Consolidated Edison by 2.6% during the second quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock worth $503,000 after buying an additional 141 shares during the period. Finally, Center For Asset Management LLC boosted its stake in Consolidated Edison by 3.5% in the 2nd quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock worth $390,000 after buying an additional 147 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on ED shares. UBS Group upped their price objective on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Guggenheim increased their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Argus upgraded Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Finally, Barclays lifted their target price on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $92.65.

Consolidated Edison Trading Down 0.4 %

Shares of ED opened at $103.38 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $105.99. The stock has a market cap of $35.75 billion, a PE ratio of 19.84, a P/E/G ratio of 3.49 and a beta of 0.36. The stock’s 50-day moving average is $98.42 and its two-hundred day moving average is $93.92.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the company posted $0.61 EPS. Equities analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be issued a dividend of $0.83 per share. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.21%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

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.