Edgestream Partners L.P. Makes New Investment in Consolidated Edison Inc (NYSE:ED)

Edgestream Partners L.P. acquired a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 27,730 shares of the utilities provider's stock, valued at approximately $3,067,000.

Several other hedge funds have also modified their holdings of ED. Revolve Wealth Partners LLC raised its stake in Consolidated Edison by 13.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider's stock valued at $332,000 after buying an additional 441 shares in the last quarter. Creative Financial Designs Inc. ADV raised its stake in Consolidated Edison by 2.2% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 8,246 shares of the utilities provider's stock valued at $736,000 after buying an additional 175 shares in the last quarter. Cibc World Markets Corp raised its stake in Consolidated Edison by 16.4% during the fourth quarter. Cibc World Markets Corp now owns 54,666 shares of the utilities provider's stock valued at $4,878,000 after buying an additional 7,711 shares in the last quarter. Parallel Advisors LLC raised its stake in Consolidated Edison by 25.9% during the fourth quarter. Parallel Advisors LLC now owns 11,328 shares of the utilities provider's stock valued at $1,011,000 after buying an additional 2,332 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Consolidated Edison by 8.1% during the fourth quarter. Signaturefd LLC now owns 13,128 shares of the utilities provider's stock valued at $1,171,000 after buying an additional 982 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on ED shares. Morgan Stanley lowered their target price on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a report on Wednesday, June 18th. Wells Fargo & Company increased their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday. Citigroup upped their price target on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, April 9th. Finally, UBS Group increased their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $105.09.

Consolidated Edison Trading Up 0.4%

Shares of ED stock traded up $0.42 on Friday, hitting $101.02. The stock had a trading volume of 1,813,453 shares, compared to its average volume of 2,409,340. Consolidated Edison Inc has a twelve month low of $87.28 and a twelve month high of $114.87. The firm has a market cap of $36.40 billion, a P/E ratio of 18.67, a PEG ratio of 3.21 and a beta of 0.26. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average price of $101.68 and a two-hundred day moving average price of $101.72.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period last year, the firm earned $2.15 earnings per share. As a group, analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be given a dividend of $0.85 per share. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.37%. Consolidated Edison's payout ratio is presently 62.85%.

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.