Twinbeech Capital LP Invests $3.92 Million in Consolidated Edison, Inc. (NYSE:ED)

Twinbeech Capital LP acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 43,893 shares of the utilities provider’s stock, valued at approximately $3,917,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. AlphaMark Advisors LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth about $27,000. OFI Invest Asset Management acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $35,000. Fairway Wealth LLC acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $36,000. Centricity Wealth Management LLC acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $44,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $105.67 on Wednesday. Consolidated Edison, Inc. has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The business has a 50 day simple moving average of $108.53 and a 200-day simple moving average of $99.88. The stock has a market capitalization of $38.07 billion, a PE ratio of 20.17, a price-to-earnings-growth ratio of 3.05 and a beta of 0.29.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the company earned $2.15 EPS. Equities analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.22%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.85%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ED. Citigroup upped their price target on Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, April 9th. Wells Fargo & Company upped their price target on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Barclays upped their price target on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a report on Monday, May 5th. Mizuho upped their price target on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, KeyCorp cut Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $90.00 price objective for the company. in a research note on Wednesday, May 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $104.36.

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.