Monument Capital Management Invests $488,000 in Consolidated Edison, Inc. (NYSE:ED)

Monument Capital Management acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 5,369 shares of the utilities provider’s stock, valued at approximately $488,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ED. Norges Bank acquired a new stake in Consolidated Edison during the 4th quarter worth $243,511,000. International Assets Investment Management LLC increased its stake in Consolidated Edison by 9,063.6% in the fourth quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock valued at $47,216,000 after purchasing an additional 513,364 shares during the period. Retirement Systems of Alabama increased its stake in Consolidated Edison by 408.8% in the fourth quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock valued at $36,101,000 after purchasing an additional 318,858 shares during the period. Pinebridge Investments L.P. increased its stake in Consolidated Edison by 56.1% in the fourth quarter. Pinebridge Investments L.P. now owns 702,721 shares of the utilities provider’s stock valued at $63,927,000 after purchasing an additional 252,617 shares during the period. Finally, AMF Tjanstepension AB acquired a new position in Consolidated Edison in the first quarter valued at $13,193,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ED has been the topic of a number of recent research reports. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Barclays lifted their price objective on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 7th. Mizuho lifted their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Scotiabank dropped their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Finally, Morgan Stanley dropped their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $89.27.

Consolidated Edison Trading Down 0.3 %

Shares of Consolidated Edison stock opened at $88.71 on Thursday. Consolidated Edison, Inc. has a 12-month low of $80.46 and a 12-month high of $98.85. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The stock has a market cap of $30.68 billion, a PE ratio of 17.03, a price-to-earnings-growth ratio of 2.26 and a beta of 0.34. The company has a 50-day moving average of $93.40 and a two-hundred day moving average of $91.08.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same period last year, the company posted $1.83 earnings per share. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, research analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were given a $0.83 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.74%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

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.