Certuity LLC Raises Stake in Consolidated Edison, Inc. (NYSE:ED)

Certuity LLC grew its holdings in Consolidated Edison, Inc. (NYSE:ED) by 22.6% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 3,350 shares of the utilities provider’s stock after buying an additional 618 shares during the period. Certuity LLC’s holdings in Consolidated Edison were worth $305,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Diversified Trust Co grew its position in Consolidated Edison by 140.8% in the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock valued at $3,361,000 after buying an additional 21,604 shares during the last quarter. abrdn plc boosted its holdings in shares of Consolidated Edison by 30.2% in the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after acquiring an additional 72,273 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Consolidated Edison by 169.9% during the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after acquiring an additional 37,971 shares during the period. Blackhawk Capital Partners LLC. purchased a new position in Consolidated Edison during the fourth quarter worth about $1,551,000. Finally, Mariner LLC raised its holdings in Consolidated Edison by 24.9% during the third quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after purchasing an additional 18,270 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

NYSE:ED opened at $94.78 on Thursday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average price of $89.91 and a two-hundred day moving average price of $90.04. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.44. The company has a market capitalization of $32.75 billion, a P/E ratio of 13.20, a price-to-earnings-growth ratio of 8.89 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. Consolidated Edison’s revenue was down 14.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 EPS. As a group, research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is presently 46.24%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ED shares. Scotiabank lowered their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. LADENBURG THALM/SH SH assumed coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price objective on the stock. UBS Group reduced their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Royal Bank of Canada lowered their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Finally, KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and an average target price of $87.54.

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.