52,260 Shares in Consolidated Edison, Inc. (NYSE:ED) Acquired by Magnetar Financial LLC

Magnetar Financial LLC purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 52,260 shares of the utilities provider’s stock, valued at approximately $4,673,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ED. Beacon Capital Management LLC increased its position in Consolidated Edison by 2,307.7% during 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 in the last quarter. Raleigh Capital Management Inc. acquired a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $29,000. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison during the first quarter valued at approximately $33,000. TruNorth Capital Management LLC acquired a new stake in shares of Consolidated Edison in the second quarter valued at approximately $33,000. Finally, Quarry LP acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $35,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Performance

NYSE:ED opened at $103.35 on Monday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The firm has a 50-day moving average of $100.08 and a two-hundred day moving average of $94.69. The stock has a market cap of $35.74 billion, a P/E ratio of 19.84, a PEG ratio of 3.50 and a beta of 0.36. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $105.99.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data 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 analyst estimates of $3.08 billion. During the same quarter in the prior year, the business earned $0.61 earnings per share. On average, research analysts expect that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is 63.72%.

Analysts Set New Price Targets

Several research firms have issued reports on ED. Bank of America raised their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. UBS Group lifted their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday. Morgan Stanley lifted their price target on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a report on Friday, August 23rd. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Guggenheim boosted their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $93.42.

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.