Consolidated Edison, Inc. (NYSE:ED) Shares Purchased by Metis Global Partners LLC

Metis Global Partners LLC grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 13.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,906 shares of the utilities provider’s stock after acquiring an additional 3,295 shares during the quarter. Metis Global Partners LLC’s holdings in Consolidated Edison were worth $2,906,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in Consolidated Edison during the third quarter worth approximately $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Consolidated Edison in the 3rd quarter worth $30,000. Beacon Capital Management LLC boosted its holdings in Consolidated Edison by 2,307.7% in the first 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 last quarter. Pathway Financial Advisers LLC purchased a new stake in Consolidated Edison during the first quarter valued at about $33,000. Finally, TruNorth Capital Management LLC acquired a new stake in Consolidated Edison during the second quarter worth about $33,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lifted their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Morgan Stanley increased their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Bank of America upped 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. Finally, UBS Group raised their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $98.35.

Consolidated Edison Price Performance

ED stock opened at $95.25 on Friday. The stock’s 50 day moving average is $102.99 and its two-hundred day moving average is $98.00. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a market capitalization of $33.00 billion, a PE ratio of 17.94, a P/E/G ratio of 3.21 and a beta of 0.36. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.49%. Consolidated Edison’s payout ratio is 62.52%.

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.