453,065 Shares in Consolidated Edison, Inc. (NYSE:ED) Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 453,065 shares of the utilities provider’s stock, valued at approximately $40,427,000.

Other large investors have also made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth about $776,000. JPMorgan Chase & Co. boosted its position in shares of Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after acquiring an additional 82,985 shares during the last quarter. Hennessy Advisors Inc. lifted its position in Consolidated Edison by 2.8% during the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock valued at $12,772,000 after buying an additional 3,900 shares in the last quarter. Gateway Investment Advisers LLC lifted its position in Consolidated Edison by 102.7% during the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock valued at $38,394,000 after buying an additional 217,981 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in Consolidated Edison by 81.4% during the fourth quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock valued at $885,000 after buying an additional 4,451 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ED shares. UBS Group lifted their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday. Scotiabank boosted their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Morgan Stanley boosted their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a report on Thursday. Barclays increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Finally, Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.40.

Consolidated Edison Trading Down 0.6 %

Shares of Consolidated Edison stock opened at $107.85 on Friday. Consolidated Edison, Inc. has a 12-month low of $87.16 and a 12-month high of $109.36. The stock has a market cap of $37.40 billion, a P/E ratio of 20.58, a P/E/G ratio of 3.05 and a beta of 0.30. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The business’s 50 day moving average is $97.91 and its 200-day moving average is $98.44.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. Equities research analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given a $0.85 dividend. The ex-dividend date was Wednesday, February 19th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a yield of 3.15%. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

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.