Lazard Asset Management LLC Boosts Stake in Consolidated Edison Inc $ED

Lazard Asset Management LLC raised its holdings in Consolidated Edison Inc (NYSE:ED) by 14.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,075,838 shares of the utilities provider’s stock after acquiring an additional 910,244 shares during the period. Consolidated Edison makes up approximately 1.3% of Lazard Asset Management LLC’s investment portfolio, making the stock its 14th largest position. Lazard Asset Management LLC owned about 1.92% of Consolidated Edison worth $800,843,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Consolidated Edison during the fourth quarter worth about $489,806,000. Deutsche Bank AG increased its position in Consolidated Edison by 101.4% in the 4th quarter. Deutsche Bank AG now owns 3,617,361 shares of the utilities provider’s stock valued at $359,276,000 after acquiring an additional 1,820,877 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $113,977,000. AQR Capital Management LLC boosted its holdings in shares of Consolidated Edison by 104.6% in the third quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider’s stock valued at $190,530,000 after acquiring an additional 974,419 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in Consolidated Edison by 94.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,904,876 shares of the utilities provider’s stock valued at $191,478,000 after purchasing an additional 926,716 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on ED shares. Wells Fargo & Company set a $98.00 price objective on Consolidated Edison in a research report on Tuesday, April 21st. Argus set a $112.00 price target on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Morgan Stanley reissued an “underweight” rating on shares of Consolidated Edison in a research note on Wednesday. Weiss Ratings restated a “buy (b)” rating on shares of Consolidated Edison in a research report on Tuesday, July 21st. Finally, KeyCorp lowered their target price on Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating on the stock in a report on Thursday. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Consolidated Edison presently has an average rating of “Reduce” and an average price target of $107.87.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $112.97 on Monday. The firm has a fifty day simple moving average of $109.04 and a two-hundred day simple moving average of $109.09. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. Consolidated Edison Inc has a twelve month low of $94.96 and a twelve month high of $116.23. The company has a market capitalization of $41.63 billion, a PE ratio of 19.02, a P/E/G ratio of 2.93 and a beta of 0.27.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison’s dividend payout ratio is 59.76%.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.