Mitsubishi UFJ Asset Management Co. Ltd. Has $74.39 Million Stake in Consolidated Edison Inc (NYSE:ED)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Consolidated Edison Inc by 10.4%, acquiring an additional 63,115 shares, bringing its total ownership to approximately 672,678 shares worth $74.39 million.
• Consolidated Edison reported earnings per share (EPS) of $0.67 for the most recent quarter, exceeding analysts' expectations of $0.66, with revenues reaching $3.60 billion.
• The company declared a quarterly dividend of $0.85 per share, reflecting an annualized dividend of $3.40 and a yield of 3.3%.

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 672,678 shares of the utilities provider's stock after purchasing an additional 63,115 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.19% of Consolidated Edison worth $74,391,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Merit Financial Group LLC raised its position in Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after purchasing an additional 1,533 shares during the last quarter. Ritholtz Wealth Management bought a new position in Consolidated Edison in the 1st quarter valued at $227,000. Wealth Enhancement Advisory Services LLC raised its position in Consolidated Edison by 2.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock valued at $27,649,000 after purchasing an additional 6,869 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in Consolidated Edison in the 1st quarter valued at $217,000. Finally, GAMMA Investing LLC raised its position in Consolidated Edison by 45.0% in the 1st quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock valued at $1,022,000 after purchasing an additional 2,869 shares during the last quarter. Institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ED shares. Scotiabank reissued a "sector perform" rating and issued a $106.00 target price (up from $101.00) on shares of Consolidated Edison in a research note on Monday. Mizuho lifted their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday. 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 research note on Wednesday, June 18th. Guggenheim lifted their target price on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Finally, KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $105.70.

Consolidated Edison Stock Down 0.3%

Shares of ED stock traded down $0.33 on Monday, hitting $104.15. 2,357,135 shares of the stock were exchanged, compared to its average volume of 2,074,986. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $37.56 billion, a P/E ratio of 18.72, a price-to-earnings-growth ratio of 3.33 and a beta of 0.24. The business has a 50-day moving average of $101.66 and a 200 day moving average of $103.26. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. During the same period in the prior year, the firm earned $0.59 earnings per share. Equities analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 13th. Consolidated Edison's dividend payout ratio (DPR) is presently 61.71%.

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.