MBB Public Markets I LLC Invests $2.09 Million in Consolidated Edison, Inc. (NYSE:ED)

MBB Public Markets I LLC bought a new stake in Consolidated Edison, Inc. (NYSE:ED) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 23,395 shares of the utilities provider’s stock, valued at approximately $2,092,000.

A number of other institutional investors and hedge funds have also bought and sold shares of ED. Beacon Capital Management LLC boosted its holdings in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares in the last quarter. Raleigh Capital Management Inc. purchased a new stake in Consolidated Edison in the fourth quarter worth approximately $29,000. Pathway Financial Advisers LLC bought a new position in Consolidated Edison during the first quarter valued at approximately $33,000. TruNorth Capital Management LLC purchased a new position in shares of Consolidated Edison during the second quarter worth approximately $33,000. Finally, Quarry LP bought a new stake in shares of Consolidated Edison in the 4th quarter worth approximately $35,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

NYSE:ED opened at $104.05 on Monday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The firm’s fifty day simple moving average is $101.15 and its 200 day simple moving average is $95.16. The stock has a market cap of $35.98 billion, a P/E ratio of 19.97, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $105.99.

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

Consolidated Edison Announces Dividend

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

Analysts Set New Price Targets

ED has been the topic of several recent research reports. Bank of America increased their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Argus raised Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Wells Fargo & Company increased their target price on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Guggenheim lifted their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, UBS Group increased their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $93.81.

About Consolidated Edison

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.