Lake Street Private Wealth LLC Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Lake Street Private Wealth LLC purchased a new position in Consolidated Edison, Inc. (NYSE:ED) in the third quarter, HoldingsChannel.com reports. The fund purchased 2,069 shares of the utilities provider’s stock, valued at approximately $215,000.

Several other institutional investors and hedge funds have also made changes to their positions in ED. Beacon Capital Management LLC lifted its holdings in Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares in the last quarter. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison during the first quarter valued at approximately $33,000. TruNorth Capital Management LLC acquired a new stake in Consolidated Edison during the second quarter worth approximately $33,000. Versant Capital Management Inc grew its stake in Consolidated Edison by 380.2% in the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 327 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new position in Consolidated Edison in the 1st quarter valued at $48,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

ED stock opened at $107.40 on Thursday. The firm has a market cap of $37.14 billion, a P/E ratio of 20.61, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.46. The stock has a 50-day simple moving average of $103.10 and a 200-day simple moving average of $96.98.

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

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.09%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ED shares. Jefferies Financial Group assumed coverage on Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective for the company. UBS Group upped their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Wells Fargo & Company raised their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Finally, Bank of America lifted their price target 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. 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 stock. According to data from MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $98.73.

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.