Parallel Advisors LLC Buys 869 Shares of Consolidated Edison, Inc. (NYSE:ED)

Parallel Advisors LLC increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 12.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,032 shares of the utilities provider’s stock after purchasing an additional 869 shares during the quarter. Parallel Advisors LLC’s holdings in Consolidated Edison were worth $718,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Beacon Capital Management LLC boosted its position in Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after buying an additional 300 shares during the last quarter. Tidemark LLC acquired a new position in shares of Consolidated Edison during the fourth quarter valued at $29,000. Raleigh Capital Management Inc. bought a new position in Consolidated Edison in the fourth quarter valued at about $29,000. Pathway Financial Advisers LLC acquired a new stake in Consolidated Edison in the first quarter worth about $33,000. Finally, TruNorth Capital Management LLC bought a new stake in Consolidated Edison during the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED opened at $104.85 on Tuesday. The firm’s 50 day moving average price is $99.06 and its two-hundred day moving average price is $94.28. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $105.99. The firm has a market cap of $36.26 billion, a P/E ratio of 20.12, a PEG ratio of 3.50 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period in the previous year, the firm posted $0.61 EPS. On average, analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Wall Street Analysts Forecast Growth

ED has been the subject of several analyst reports. Bank of America lifted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Guggenheim upped their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. UBS Group raised their price target on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Wells Fargo & Company upped their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Barclays boosted their target price on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research report on Monday, August 5th. Four investment 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 stock. According to data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average target price of $92.65.

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.