Los Angeles Capital Management LLC Purchases 13,342 Shares of Consolidated Edison, Inc. (NYSE:ED)

by · The Markets Daily

Los Angeles Capital Management LLC lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) by 5.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 272,310 shares of the utilities provider’s stock after purchasing an additional 13,342 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.08% of Consolidated Edison worth $28,356,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Mitchell Mcleod Pugh & Williams Inc. acquired a new stake in Consolidated Edison during the third quarter worth $211,000. Baker Avenue Asset Management LP bought a new position in shares of Consolidated Edison during the 3rd quarter worth about $321,000. Mesirow Financial Investment Management Inc. boosted its position in shares of Consolidated Edison by 3.0% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 10,984 shares of the utilities provider’s stock valued at $1,144,000 after acquiring an additional 325 shares in the last quarter. Klingman & Associates LLC increased its stake in Consolidated Edison by 6.5% in the third quarter. Klingman & Associates LLC now owns 2,745 shares of the utilities provider’s stock valued at $286,000 after acquiring an additional 168 shares during the period. Finally, Wealth Quarterback LLC bought a new stake in Consolidated Edison in the third quarter valued at about $209,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Up 0.6 %

NYSE:ED opened at $98.13 on Monday. The company has a market cap of $33.97 billion, a price-to-earnings ratio of 19.09, a P/E/G ratio of 3.34 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The stock’s fifty day moving average price is $103.35 and its two-hundred day moving average price is $97.92. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75.

Consolidated Edison (NYSE:ED – Get Free Report) last issued 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 8.67% and a net margin of 12.03%. On average, analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.59%.

Analysts Set New Price Targets

A number of research analysts have commented on ED shares. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Scotiabank upped their price target on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Bank of America increased their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Guggenheim increased their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average price target of $98.35.

Get Our Latest Analysis on Consolidated Edison

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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