Public Sector Pension Investment Board Raises Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Public Sector Pension Investment Board raised its position in Consolidated Edison, Inc. (NYSE:ED) by 49.7% in the 2nd quarter, Holdings Channel.com reports. The fund owned 58,657 shares of the utilities provider’s stock after acquiring an additional 19,472 shares during the quarter. Public Sector Pension Investment Board’s holdings in Consolidated Edison were worth $5,245,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Fidelis Capital Partners LLC increased its holdings in shares of Consolidated Edison by 29.5% during the second quarter. Fidelis Capital Partners LLC now owns 7,832 shares of the utilities provider’s stock valued at $700,000 after acquiring an additional 1,782 shares in the last quarter. Profund Advisors LLC increased its stake in Consolidated Edison by 48.3% during the 2nd quarter. Profund Advisors LLC now owns 19,097 shares of the utilities provider’s stock valued at $1,708,000 after purchasing an additional 6,217 shares in the last quarter. Clean Energy Transition LLP raised its holdings in shares of Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after buying an additional 623,787 shares during the last quarter. Ensign Peak Advisors Inc lifted its stake in shares of Consolidated Edison by 27.8% during the second quarter. Ensign Peak Advisors Inc now owns 127,183 shares of the utilities provider’s stock worth $11,373,000 after buying an additional 27,675 shares during the period. Finally, Sompo Asset Management Co. Ltd. lifted its stake in shares of Consolidated Edison by 23.2% during the second quarter. Sompo Asset Management Co. Ltd. now owns 3,190 shares of the utilities provider’s stock worth $285,000 after buying an additional 600 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE ED opened at $103.16 on Thursday. 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 1-year low of $80.46 and a 1-year high of $105.99. The company has a market cap of $35.68 billion, a PE ratio of 19.80, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36. The stock’s 50 day simple moving average is $100.58 and its 200-day simple moving average is $94.88.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the previous year, the company posted $0.61 EPS. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wells Fargo & Company raised their target price on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Barclays raised their price objective on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Bank of America upped their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. UBS Group raised their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Finally, Argus raised shares of Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average target price of $93.81.

Consolidated Edison Company 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.