Osmosis Investment Management UK Ltd bought a new stake in shares of Consolidated Edison Inc (NYSE:ED – Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 7,177 shares of the utilities provider’s stock, valued at approximately $794,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sachetta LLC raised its position in Consolidated Edison by 72.9% in the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 102 shares in the last quarter. JPL Wealth Management LLC bought a new position in Consolidated Edison during the third quarter worth about $26,000. Basepoint Wealth LLC acquired a new stake in Consolidated Edison during the fourth quarter valued at approximately $26,000. Keating Financial Advisory Services Inc. acquired a new stake in Consolidated Edison during the second quarter valued at approximately $30,000. Finally, Turning Point Benefit Group Inc. bought a new stake in shares of Consolidated Edison in the 3rd quarter valued at approximately $32,000. Institutional investors own 66.29% of the company’s stock.
Consolidated Edison Stock Up 1.3%
Shares of ED opened at $107.73 on Tuesday. The business’s fifty day moving average price is $109.96 and its two-hundred day moving average price is $109.92. The firm has a market capitalization of $39.84 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 2.76 and a beta of 0.27. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.17 and a current ratio of 1.27.
Consolidated Edison Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be given a dividend of $0.8875 per share. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a yield of 3.3%. Consolidated Edison’s dividend payout ratio is presently 58.29%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on ED. Mizuho set a $114.00 target price on Consolidated Edison in a report on Monday, July 27th. Argus set a $112.00 price target on Consolidated Edison in a research note on Tuesday, June 23rd. Evercore reiterated a “positive” rating and issued a $112.00 price target on shares of Consolidated Edison in a research report on Monday, August 17th. Morgan Stanley dropped their price objective on Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating for the company in a research note on Friday. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $105.00 price objective on shares of Consolidated Edison in a report on Thursday, May 14th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $108.93.
Get Our Latest Stock Analysis on Consolidated Edison
About Consolidated Edison
Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.
The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.
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