Mirae Asset Global Investments Co. Ltd. Raises Stake in Consolidated Edison, Inc. (NYSE:ED)

Mirae Asset Global Investments Co. Ltd. raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 54.8% during the third quarter, HoldingsChannel reports. The firm owned 119,601 shares of the utilities provider’s stock after buying an additional 42,339 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Consolidated Edison were worth $12,444,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Beacon Capital Management LLC increased its position 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 acquiring an additional 300 shares during the period. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison in the 1st quarter valued at approximately $33,000. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison in the second quarter valued at approximately $33,000. Versant Capital Management Inc raised its stake in shares of Consolidated Edison by 380.2% during the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 327 shares during the last quarter. Finally, ESL Trust Services LLC acquired a new stake in shares of Consolidated Edison during the first quarter worth $54,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $104.60 on Monday. The firm has a market capitalization of $36.17 billion, a PE ratio of 20.08, a P/E/G ratio of 3.57 and a beta of 0.36. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The firm’s 50-day simple moving average is $103.35 and its 200 day simple moving average is $97.25. 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 (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the firm earned $0.61 earnings per share. On average, equities research analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.17%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Scotiabank upped their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Wells Fargo & Company increased their price target on shares of 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 lifted their price objective on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. UBS Group increased their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Finally, Morgan Stanley lifted their price target on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average 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.