AQR Capital Management LLC Has $63.41 Million Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

AQR Capital Management LLC raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 5.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 709,713 shares of the utilities provider’s stock after buying an additional 36,991 shares during the period. AQR Capital Management LLC’s holdings in Consolidated Edison were worth $63,413,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ED. Beacon Capital Management LLC increased its stake in shares of Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after buying an additional 300 shares during the period. Raleigh Capital Management Inc. acquired a new stake in Consolidated Edison during the 4th quarter worth approximately $29,000. Pathway Financial Advisers LLC bought a new stake in Consolidated Edison during the 1st quarter worth approximately $33,000. TruNorth Capital Management LLC acquired a new position in Consolidated Edison in the 2nd quarter valued at approximately $33,000. Finally, Quarry LP bought a new position in shares of Consolidated Edison during the fourth quarter valued at $35,000. Institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ED shares. UBS Group lifted their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Wells Fargo & Company lifted their target price on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Bank of America increased their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Morgan Stanley raised their price objective on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday. Finally, Guggenheim lifted their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $93.81.

Consolidated Edison Stock Performance

Shares of ED stock opened at $104.05 on Friday. The firm has a 50 day moving average of $100.95 and a 200-day moving average of $94.99. The company has a market cap of $35.98 billion, a price-to-earnings ratio of 19.97, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. Consolidated Edison, Inc. has a 52 week low of $80.46 and a 52 week high of $105.99.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period in the previous year, the firm posted $0.61 earnings per share. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.19%. Consolidated Edison’s payout ratio is currently 63.72%.

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.