Plato Investment Management Ltd Raises Stake in Consolidated Edison, Inc. (NYSE:ED)

Plato Investment Management Ltd boosted its holdings in Consolidated Edison, Inc. (NYSE:ED) by 127.8% during the third quarter, Holdings Channel.com reports. The firm owned 22,690 shares of the utilities provider’s stock after acquiring an additional 12,731 shares during the quarter. Plato Investment Management Ltd’s holdings in Consolidated Edison were worth $2,360,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Main Street Financial Solutions LLC grew its stake in shares of Consolidated Edison by 4.1% in the 3rd quarter. Main Street Financial Solutions LLC now owns 4,138 shares of the utilities provider’s stock worth $431,000 after buying an additional 162 shares during the last quarter. Kovack Advisors Inc. boosted its holdings in Consolidated Edison by 47.6% in the third quarter. Kovack Advisors Inc. now owns 6,381 shares of the utilities provider’s stock worth $664,000 after acquiring an additional 2,058 shares in the last quarter. Haverford Trust Co grew its stake in shares of Consolidated Edison by 5.0% in the third quarter. Haverford Trust Co now owns 3,577 shares of the utilities provider’s stock worth $372,000 after acquiring an additional 170 shares during the last quarter. Aigen Investment Management LP increased its holdings in shares of Consolidated Edison by 135.8% during the third quarter. Aigen Investment Management LP now owns 41,881 shares of the utilities provider’s stock valued at $4,361,000 after acquiring an additional 24,118 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC raised its position in shares of Consolidated Edison by 11.2% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 3,615 shares of the utilities provider’s stock worth $376,000 after purchasing an additional 365 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ED. UBS Group increased their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Bank of America increased 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. Wells Fargo & Company boosted their price objective 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. 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 on the stock. Finally, Scotiabank lifted their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $98.35.

Consolidated Edison Stock Down 0.8 %

Consolidated Edison stock opened at $95.41 on Thursday. Consolidated Edison, Inc. has a one year low of $85.85 and a one year high of $107.75. The stock has a fifty day moving average of $103.16 and a 200 day moving average of $98.02. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a market cap of $33.05 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 3.26 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend yield of 3.48%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

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.