SteelPeak Wealth LLC Purchases 9,011 Shares of Consolidated Edison, Inc. (NYSE:ED)

SteelPeak Wealth LLC boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 62.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,459 shares of the utilities provider’s stock after acquiring an additional 9,011 shares during the period. SteelPeak Wealth LLC’s holdings in Consolidated Edison were worth $2,130,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. boosted its holdings in Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in shares of Consolidated Edison during the 4th quarter valued at about $29,000. Tidemark LLC bought a new position in shares of Consolidated Edison during the 4th quarter valued at about $29,000. Raleigh Capital Management Inc. bought a new position in shares of Consolidated Edison during the 4th quarter valued at about $29,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at approximately $31,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.3 %

Shares of NYSE:ED opened at $89.42 on Monday. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $98.85. The firm has a market capitalization of $30.92 billion, a P/E ratio of 17.16, a P/E/G ratio of 2.27 and a beta of 0.34. The stock has a 50 day moving average price of $93.56 and a 200-day moving average price of $91.11. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same quarter in the prior year, the company earned $1.83 EPS. The business’s revenue was down 2.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were paid a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.71%. Consolidated Edison’s payout ratio is currently 63.72%.

Analyst Upgrades and Downgrades

ED has been the topic of several recent analyst reports. Scotiabank lowered their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Mizuho upped their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Barclays upped their target price on Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 7th. Finally, Wells Fargo & Company boosted their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $89.27.

About Consolidated Edison

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.