Voloridge Investment Management LLC Raises Holdings in Consolidated Edison, Inc. (NYSE:ED)

Voloridge Investment Management LLC grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED - Free Report) by 192.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 792,830 shares of the utilities provider's stock after purchasing an additional 521,413 shares during the quarter. Voloridge Investment Management LLC owned approximately 0.23% of Consolidated Edison worth $70,744,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Jacobi Capital Management LLC increased its position in Consolidated Edison by 4.2% during the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider's stock valued at $229,000 after purchasing an additional 104 shares during the period. Richwood Investment Advisors LLC raised its stake in Consolidated Edison by 2.3% in the fourth quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider's stock worth $463,000 after buying an additional 115 shares in the last quarter. Penobscot Investment Management Company Inc. raised its stake in Consolidated Edison by 5.7% in the fourth quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider's stock worth $205,000 after buying an additional 125 shares in the last quarter. TrinityPoint Wealth LLC boosted its position in Consolidated Edison by 1.1% during the 4th quarter. TrinityPoint Wealth LLC now owns 11,395 shares of the utilities provider's stock valued at $1,017,000 after acquiring an additional 129 shares in the last quarter. Finally, Trust Point Inc. increased its holdings in shares of Consolidated Edison by 4.9% in the 4th quarter. Trust Point Inc. now owns 2,790 shares of the utilities provider's stock valued at $249,000 after acquiring an additional 131 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

Shares of NYSE ED traded up $0.60 during midday trading on Monday, reaching $104.02. The company had a trading volume of 2,116,035 shares, compared to its average volume of 2,287,342. Consolidated Edison, Inc. has a 1 year low of $87.28 and a 1 year high of $114.87. The business's 50-day simple moving average is $108.33 and its 200 day simple moving average is $100.00. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock has a market cap of $37.48 billion, a P/E ratio of 19.85, a P/E/G ratio of 3.05 and a beta of 0.29.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.05). The firm had revenue of $4.80 billion during the quarter, compared to analysts' expectations of $4.21 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. During the same quarter last year, the business earned $2.15 EPS. On average, analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced 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. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison's dividend payout ratio (DPR) is 62.85%.

Analyst Upgrades and Downgrades

ED has been the subject of several recent research reports. KeyCorp lowered Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target for the company. in a research report on Wednesday, May 14th. Citigroup boosted their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Mizuho boosted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a research note on Monday, February 3rd. UBS Group raised their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Finally, Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $104.27.

Consolidated Edison Company Profile

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.