Graypoint LLC Has $278,000 Holdings in Consolidated Edison, Inc. (NYSE:ED)

Graypoint LLC lifted its stake in Consolidated Edison, Inc. (NYSE:ED) by 10.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 2,666 shares of the utilities provider’s stock after buying an additional 253 shares during the quarter. Graypoint LLC’s holdings in Consolidated Edison were worth $278,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Clean Energy Transition LLP grew its position in Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after acquiring an additional 623,787 shares during the last quarter. International Assets Investment Management LLC grew its position in Consolidated Edison by 10,262.1% during the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after acquiring an additional 548,204 shares during the last quarter. Acadian Asset Management LLC grew its position in Consolidated Edison by 302.3% during the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after acquiring an additional 532,893 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Consolidated Edison by 4,020.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock worth $42,366,000 after acquiring an additional 396,985 shares during the last quarter. Finally, AMF Tjanstepension AB grew its position in Consolidated Edison by 243.2% during the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after acquiring an additional 352,903 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on ED. Bank of America increased their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Wells Fargo & Company increased their price target on 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 upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group started coverage on 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, Morgan Stanley increased their price objective on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $98.35.

Consolidated Edison Stock Performance

ED stock opened at $98.13 on Friday. The business’s fifty day moving average is $103.35 and its 200-day moving average is $97.89. 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 company has a market cap of $33.97 billion, a P/E ratio of 19.09, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. Equities research analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently disclosed 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 3.38%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is presently 64.59%.

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.