Man Group plc Has $54.07 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Man Group plc boosted its holdings in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 95.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 605,933 shares of the utilities provider's stock after buying an additional 296,115 shares during the period. Man Group plc owned 0.17% of Consolidated Edison worth $54,067,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ED. AlphaMark Advisors LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $27,000. OFI Invest Asset Management acquired a new position in Consolidated Edison during the 4th quarter worth approximately $35,000. Fairway Wealth LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $36,000. Centricity Wealth Management LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $39,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in Consolidated Edison during the 4th quarter worth approximately $44,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Up 2.2%

NYSE:ED traded up $2.30 during trading hours on Friday, hitting $104.31. 2,758,878 shares of the company's stock traded hands, compared to its average volume of 2,282,299. The firm has a market cap of $37.58 billion, a P/E ratio of 19.91, a P/E/G ratio of 3.05 and a beta of 0.29. 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's fifty day moving average price is $108.45 and its two-hundred day moving average price is $99.82.

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 for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm 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 earned $2.15 earnings per share. On average, research 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 announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be given a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.26%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison's payout ratio is currently 62.85%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ED shares. Barclays lifted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. Guggenheim lifted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. UBS Group lifted 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. Mizuho lifted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Finally, Evercore ISI downgraded Consolidated Edison from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $104.36.

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.