Seven Eight Capital LP Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Seven Eight Capital LP acquired a new position in Consolidated Edison, Inc. (NYSE:ED) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 12,248 shares of the utilities provider’s stock, valued at approximately $1,095,000.

A number of other large investors also recently bought and sold shares of the business. Retirement Planning Co of New England Inc. grew its stake in shares of Consolidated Edison by 4.2% during the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after purchasing an additional 100 shares during the period. Syon Capital LLC grew its position in Consolidated Edison by 2.3% during the fourth quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock valued at $542,000 after buying an additional 136 shares during the period. G&S Capital LLC grew its position in Consolidated Edison by 1.6% during the first quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock valued at $794,000 after buying an additional 139 shares during the period. Checchi Capital Advisers LLC increased its holdings in Consolidated Edison by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock valued at $503,000 after buying an additional 141 shares in the last quarter. Finally, Center For Asset Management LLC raised its position in shares of Consolidated Edison by 3.5% in the second quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock worth $390,000 after acquiring an additional 147 shares during the period. Institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

ED has been the topic of a number of analyst reports. Bank of America raised their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Scotiabank upped their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Mizuho lifted their price target 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. Finally, Wells Fargo & Company boosted their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Four research 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $93.42.

Consolidated Edison Trading Up 1.2 %

Shares of ED opened at $103.35 on Friday. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $105.99. The stock has a market cap of $35.74 billion, a PE ratio of 19.84, a price-to-earnings-growth ratio of 3.50 and a beta of 0.36. The firm’s fifty day moving average is $100.08 and its two-hundred day moving average is $94.62. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08.

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

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.