FORA Capital LLC Takes Position in Consolidated Edison, Inc. (NYSE:ED)

FORA Capital LLC purchased a new stake in Consolidated Edison, Inc. (NYSE:ED - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,146 shares of the utilities provider's stock, valued at approximately $1,798,000.

Several other institutional investors have also recently added to or reduced their stakes in ED. Norges Bank acquired a new stake in Consolidated Edison in the fourth quarter valued at $399,824,000. ExodusPoint Capital Management LP raised its holdings in Consolidated Edison by 412.0% in the fourth quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider's stock valued at $97,564,000 after acquiring an additional 879,866 shares in the last quarter. Invesco Ltd. increased its stake in Consolidated Edison by 27.9% during the fourth quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider's stock valued at $332,090,000 after purchasing an additional 812,885 shares during the last quarter. Marshall Wace LLP increased its stake in Consolidated Edison by 232.3% during the fourth quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider's stock valued at $93,989,000 after purchasing an additional 736,348 shares during the last quarter. Finally, Burkehill Global Management LP bought a new stake in Consolidated Edison during the fourth quarter valued at $53,538,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on ED. Barclays boosted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research note on Monday, May 5th. Citigroup increased their target price on shares of Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. Scotiabank increased their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a research report on Monday, February 24th. UBS Group increased their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Finally, Morgan Stanley set a $94.00 target price on shares of Consolidated Edison and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison presently has an average rating of "Hold" and a consensus target price of $105.80.

Consolidated Edison Price Performance

NYSE ED traded down $4.41 on Monday, reaching $103.28. The company's stock had a trading volume of 3,918,298 shares, compared to its average volume of 2,252,583. Consolidated Edison, Inc. has a twelve month low of $87.28 and a twelve month high of $114.87. 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 stock has a market cap of $37.21 billion, a PE ratio of 19.71, a PEG ratio of 3.05 and a beta of 0.29. The firm's 50 day moving average is $108.57 and its two-hundred day moving average is $99.85.

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

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Wednesday, May 14th. Consolidated Edison's dividend payout ratio is presently 62.85%.

Consolidated Edison 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.