GAMMA Investing LLC Buys 1,015,700 Shares of Consolidated Edison, Inc. (NYSE:ED)

GAMMA Investing LLC lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 15,937.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,022,073 shares of the utilities provider's stock after purchasing an additional 1,015,700 shares during the quarter. GAMMA Investing LLC owned 0.28% of Consolidated Edison worth $113,031,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of Consolidated Edison by 4.0% during the 3rd 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 period. Jones Financial Companies Lllp grew its position in Consolidated Edison by 81.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider's stock valued at $885,000 after acquiring an additional 4,451 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in shares of Consolidated Edison by 22.2% during the fourth quarter. Orion Portfolio Solutions LLC now owns 7,516 shares of the utilities provider's stock worth $671,000 after buying an additional 1,366 shares in the last quarter. Welch Group LLC grew its position in shares of Consolidated Edison by 0.7% during the fourth quarter. Welch Group LLC now owns 502,903 shares of the utilities provider's stock worth $44,839,000 after buying an additional 3,614 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Consolidated Edison by 21.2% during the fourth quarter. Sei Investments Co. now owns 97,892 shares of the utilities provider's stock worth $8,736,000 after buying an additional 17,147 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Price Performance

Consolidated Edison stock traded down $0.10 on Thursday, reaching $102.11. The company's stock had a trading volume of 2,734,348 shares, compared to its average volume of 2,282,704. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company has a market cap of $36.79 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 3.05 and a beta of 0.29. The business's fifty day moving average price is $107.50 and its 200 day moving average price is $100.36. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The company had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. During the same period in the previous year, the company posted $2.15 EPS. Equities analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Wednesday, May 14th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, May 14th. This represents a $3.40 annualized dividend and a yield of 3.33%. Consolidated Edison's payout ratio is currently 62.85%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Guggenheim boosted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Wells Fargo & Company upped their price objective on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Citigroup upped their target price on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, April 9th. Morgan Stanley reduced their target price on Consolidated Edison from $94.00 to $93.00 and set an "underweight" rating on the stock in a research report on Thursday, May 22nd. Finally, UBS Group raised their price objective on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Consolidated Edison currently has a consensus rating of "Hold" and a consensus target price of $104.27.

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.