Clear Point Advisors Inc. Acquires New Holdings in Consolidated Edison Inc $ED

Key Points

• Clear Point Advisors opened a new position in Consolidated Edison during the third quarter, acquiring 10,055 shares valued at approximately $1.03 million. Institutional investors collectively own 66.29% of the company.
• Con Edison reported quarterly EPS of $0.83, beating the $0.76 consensus, and revenue of $4.07 billion versus expectations of $3.60 billion. It also announced a quarterly dividend of $0.8875 per share, equal to a 3.0% annualized yield.
• Analyst sentiment was broadly cautious: the stock had an average “Reduce” rating and a consensus price target of $108.09, below its reported opening price of $120.31.

Clear Point Advisors Inc. acquired a new position in Consolidated Edison Inc (NYSE:ED - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 10,055 shares of the utilities provider's stock, valued at approximately $1,028,000.

Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Consolidated Edison during the second quarter valued at approximately $4,609,491,000. Deutsche Bank AG bought a new stake in shares of Consolidated Edison during the 2nd quarter valued at $749,184,000. Legal & General Group Plc bought a new stake in shares of Consolidated Edison during the 2nd quarter valued at $494,352,000. Bank of New York Mellon Corp bought a new stake in shares of Consolidated Edison during the 2nd quarter valued at $231,014,000. Finally, Amundi increased its stake in shares of Consolidated Edison by 66.2% in the 1st quarter. Amundi now owns 3,872,404 shares of the utilities provider's stock worth $438,272,000 after purchasing an additional 1,543,069 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Stock Performance

ED opened at $120.31 on Thursday. The firm has a market cap of $44.49 billion, a P/E ratio of 19.76, a PEG ratio of 4.04 and a beta of 0.23. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $120.93. The company has a 50 day simple moving average of $108.42 and a two-hundred day simple moving average of $109.19. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.27 and a quick ratio of 1.17.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.07. The firm had revenue of $4.07 billion during the quarter, compared to analysts' expectations of $3.60 billion. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. During the same period in the prior year, the company posted $0.67 earnings per share. Equities analysts forecast that Consolidated Edison Inc will post 6.10 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Wednesday, November 18th will be issued a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $3.55 annualized dividend and a yield of 3.0%. Consolidated Edison's dividend payout ratio is currently 58.29%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ED shares. Scotiabank decreased their target price on Consolidated Edison from $117.00 to $110.00 and set a "sector perform" rating on the stock in a report on Wednesday, September 30th. Bank of America cut their price target on Consolidated Edison from $105.00 to $96.00 in a report on Friday, October 2nd. Barclays cut their price target on Consolidated Edison from $112.00 to $106.00 and set an "underweight" rating for the company in a report on Friday, August 7th. Royal Bank Of Canada reduced their price target on Consolidated Edison from $110.00 to $109.00 in a research report on Monday, October 26th. Finally, HSBC started coverage on Consolidated Edison in a research note on Thursday, October 22nd. They issued a "hold" rating and a $104.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $108.09.

Consolidated Edison Company Profile

Consolidated Edison, Inc is a diversified energy company headquartered in New York City. Through its regulated utility subsidiaries, the company delivers electricity, natural gas and steam to residential, commercial and industrial customers.

Its principal subsidiary, Consolidated Edison Company of New York, provides electric service throughout New York City and Westchester County, along with gas service in Manhattan, the Bronx, parts of Queens and Westchester County, and steam service in parts of Manhattan.

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