Consolidated Edison, Inc. (NYSE:ED) Shares Acquired by Pathway Financial Advisers LLC

by · The Markets Daily

Pathway Financial Advisers LLC increased its stake in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 10,302.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,446 shares of the utilities provider’s stock after acquiring an additional 24,211 shares during the quarter. Pathway Financial Advisers LLC’s holdings in Consolidated Edison were worth $2,546,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Beacon Capital Management LLC raised its position in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the last quarter. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison during the second quarter valued at approximately $33,000. Versant Capital Management Inc boosted its stake in shares of Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 327 shares during the last quarter. ESL Trust Services LLC purchased a new stake in shares of Consolidated Edison during the first quarter worth approximately $54,000. Finally, Cultivar Capital Inc. purchased a new stake in shares of Consolidated Edison during the second quarter worth approximately $54,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. UBS Group lifted their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Jefferies Financial Group began coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Citigroup upgraded shares of 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 report on Tuesday, October 15th. Bank of America upped their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Guggenheim increased their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $98.73.

Read Our Latest Research Report on ED

Consolidated Edison Trading Down 2.2 %

Shares of NYSE:ED traded down $2.40 during midday trading on Friday, reaching $104.60. 1,734,348 shares of the company’s stock were exchanged, compared to its average volume of 1,832,982. The stock has a market cap of $36.17 billion, a price-to-earnings ratio of 20.08, a P/E/G ratio of 3.46 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The firm’s 50 day simple moving average is $103.35 and its two-hundred day simple moving average is $97.15. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED – Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business earned $0.61 earnings per share. As a group, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.3 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.17%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

About Consolidated Edison

(Free Report)

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.

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