Consolidated Edison, Inc. (NYSE:ED) Shares Purchased by King Luther Capital Management Corp

King Luther Capital Management Corp raised its stake in Consolidated Edison, Inc. (NYSE:ED) by 42.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,731 shares of the utilities provider’s stock after purchasing an additional 1,109 shares during the quarter. King Luther Capital Management Corp’s holdings in Consolidated Edison were worth $389,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new stake in Consolidated Edison during the third quarter valued at about $27,000. Ashton Thomas Securities LLC purchased a new stake in Consolidated Edison during the third quarter worth approximately $30,000. Beacon Capital Management LLC increased its position in shares of Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 300 shares in the last quarter. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison in the 1st quarter valued at $33,000. Finally, TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison during the 2nd quarter valued at $33,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Trading Down 0.3 %

Shares of NYSE ED opened at $98.36 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The stock’s 50 day moving average price is $102.01 and its two-hundred day moving average price is $98.08. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The stock has a market capitalization of $34.07 billion, a P/E ratio of 18.52, a PEG ratio of 3.32 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal 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 given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Analyst Ratings Changes

Several research firms have commented on ED. Wells Fargo & Company raised their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Barclays lowered their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Finally, Morgan Stanley cut their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $98.19.

Consolidated Edison Company 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.