IFM Investors Pty Ltd Increases Stake in Consolidated Edison, Inc. (NYSE:ED)

IFM Investors Pty Ltd grew its position in Consolidated Edison, Inc. (NYSE:ED) by 12.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 139,445 shares of the utilities provider’s stock after acquiring an additional 15,563 shares during the period. IFM Investors Pty Ltd’s holdings in Consolidated Edison were worth $14,520,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ausbil Investment Management Ltd acquired a new position in Consolidated Edison during the third quarter worth $529,000. Fiduciary Planning LLC acquired a new position in shares of Consolidated Edison during the 3rd quarter worth $304,000. Grimes & Company Inc. grew its stake in shares of Consolidated Edison by 3.2% during the 3rd quarter. Grimes & Company Inc. now owns 5,427 shares of the utilities provider’s stock worth $565,000 after purchasing an additional 169 shares during the period. CENTRAL TRUST Co increased its holdings in shares of Consolidated Edison by 8.0% in the 3rd quarter. CENTRAL TRUST Co now owns 6,504 shares of the utilities provider’s stock valued at $677,000 after purchasing an additional 481 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its stake in shares of Consolidated Edison by 3.7% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 14,851 shares of the utilities provider’s stock valued at $1,546,000 after purchasing an additional 527 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. UBS Group increased their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Barclays raised their price target on Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a research report on Monday. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Finally, Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $98.73.

Consolidated Edison Stock Performance

NYSE ED opened at $107.00 on Friday. The business’s 50-day moving average price is $103.10 and its 200 day moving average price is $96.98. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The company has a market capitalization of $37.00 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36.

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

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.10%. 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.