Consolidated Edison Inc $ED Stock Purchased by StoneX Group Inc.

StoneX Group Inc. boosted its position in Consolidated Edison Inc (NYSE:ED) by 224.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,587 shares of the utilities provider’s stock after purchasing an additional 5,939 shares during the period. StoneX Group Inc.’s holdings in Consolidated Edison were worth $887,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ED. BlackRock Inc. bought a new position in Consolidated Edison during the second quarter valued at about $4,609,491,000. Deutsche Bank AG bought a new stake in Consolidated Edison in the second quarter worth about $749,184,000. Legal & General Group Plc bought a new stake in Consolidated Edison in the second quarter worth about $494,352,000. Bank of New York Mellon Corp acquired a new stake in Consolidated Edison in the 2nd quarter valued at about $231,014,000. Finally, Amundi lifted its holdings in Consolidated Edison by 66.2% in the 1st quarter. Amundi now owns 3,872,404 shares of the utilities provider’s stock valued at $438,272,000 after acquiring an additional 1,543,069 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ED. Royal Bank Of Canada lowered their price objective on shares of Consolidated Edison from $110.00 to $109.00 in a research note on Monday, October 26th. Wells Fargo & Company raised their target price on shares of Consolidated Edison from $118.00 to $134.00 and gave the stock an “overweight” rating in a report on Friday, November 6th. The Goldman Sachs Group reduced their target price on shares of Consolidated Edison from $106.00 to $102.00 in a report on Thursday, October 15th. Bank of America reduced their price objective on Consolidated Edison from $105.00 to $96.00 in a research note on Friday, October 2nd. Finally, KeyCorp decreased their target price on Consolidated Edison from $94.00 to $87.00 and set an “underweight” rating on the stock in a report on Tuesday, October 13th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have given a Sell rating to the company. According to MarketBeat.com, Consolidated Edison has a consensus rating of “Reduce” and an average price target of $109.74.

Consolidated Edison Trading Up 0.7%

NYSE:ED opened at $119.22 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.18 and a quick ratio of 1.07. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $122.75. The stock’s 50-day moving average is $109.38 and its two-hundred day moving average is $109.50. The stock has a market cap of $44.25 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 4.10 and a beta of 0.23.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 5th. The utilities provider reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.04. The firm had revenue of $4.91 billion for the quarter, compared to the consensus estimate of $4.75 billion. Consolidated Edison had a return on equity of 8.58% and a net margin of 12.70%. During the same quarter in the previous year, the company posted $1.90 earnings per share. As a group, equities research analysts forecast that Consolidated Edison Inc will post 6.10 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Wednesday, November 18th will be issued a dividend of $0.8875 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.0%. Consolidated Edison’s dividend payout ratio is currently 56.80%.

About Consolidated Edison

Consolidated Edison, Inc. is an energy holding company whose principal business is delivering electricity, natural gas and steam through regulated utility subsidiaries. Its services include generating, transmitting and distributing energy to residential, commercial and industrial customers. Its largest subsidiary, Consolidated Edison Company of New York, serves customers in New York City and Westchester County. Orange and Rockland Utilities serves parts of southeastern New York and northern New Jersey.