Intech Investment Management LLC Raises Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Intech Investment Management LLC boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 6.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 158,025 shares of the utilities provider’s stock after purchasing an additional 10,261 shares during the quarter. Intech Investment Management LLC’s holdings in Consolidated Edison were worth $14,131,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ED. Beacon Capital Management LLC lifted 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 acquiring an additional 300 shares during the period. Raleigh Capital Management Inc. bought a new stake in shares of Consolidated Edison in the 4th quarter worth approximately $29,000. Tidemark LLC purchased a new stake in shares of Consolidated Edison in the 4th quarter worth approximately $29,000. Pathway Financial Advisers LLC bought a new position in Consolidated Edison during the 1st quarter valued at approximately $33,000. Finally, TruNorth Capital Management LLC purchased a new position in Consolidated Edison during the second quarter valued at $33,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 1.2 %

Shares of Consolidated Edison stock opened at $102.12 on Friday. The stock has a market capitalization of $35.32 billion, a PE ratio of 19.60, a P/E/G ratio of 3.50 and a beta of 0.36. 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 company’s fifty day simple moving average is $99.86 and its 200-day simple moving average is $94.52. 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 earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The company 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 quarter last year, the business earned $0.61 EPS. As a group, equities analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given a dividend of $0.83 per share. The ex-dividend date was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.25%. Consolidated Edison’s dividend payout ratio is 63.72%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Barclays raised their price target on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a report on Monday, August 5th. Morgan Stanley upped their target price on shares of Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research note on Friday, August 23rd. Bank of America raised their price target on shares of 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 note on Friday, June 7th. Finally, Scotiabank boosted their price target 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. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $92.65.

Consolidated Edison Company 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.