Illinois Municipal Retirement Fund Raises Stake in Consolidated Edison, Inc. (NYSE:ED)

Illinois Municipal Retirement Fund raised its position in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 6.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 254,088 shares of the utilities provider's stock after acquiring an additional 14,587 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.07% of Consolidated Edison worth $23,114,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. lifted its position in shares of Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider's stock worth $25,000 after buying an additional 194 shares during the last quarter. Level Financial Advisors Inc. purchased a new stake in Consolidated Edison in the 3rd quarter valued at $26,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Consolidated Edison in the 4th quarter valued at $29,000. Bruce G. Allen Investments LLC purchased a new stake in Consolidated Edison in the 4th quarter valued at $31,000. Finally, CVA Family Office LLC purchased a new stake in Consolidated Edison in the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on ED shares. Royal Bank of Canada reduced their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a "sector perform" rating for the company in a research report on Friday, February 16th. Barclays boosted their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an "equal weight" rating in a research note on Thursday, March 14th. UBS Group dropped their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a "neutral" rating on the stock in a research note on Friday, February 16th. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a research note on Wednesday, January 3rd. They issued a "neutral" rating and a $92.50 price objective on the stock. Finally, Scotiabank dropped their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a "sector underperform" rating on the stock in a research note on Monday. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $87.54.

Consolidated Edison Stock Up 1.0 %

NYSE ED traded up $0.96 during trading on Monday, reaching $92.73. 1,795,838 shares of the company's stock were exchanged, compared to its average volume of 1,870,343. Consolidated Edison, Inc. has a fifty-two week low of $80.46 and a fifty-two week high of $100.92. The firm has a market capitalization of $32.04 billion, a PE ratio of 12.92, a P/E/G ratio of 8.65 and a beta of 0.35. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The company's fifty day simple moving average is $89.03 and its 200-day simple moving average is $89.76.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same period in the previous year, the company earned $0.81 EPS. The firm's revenue was down 14.6% on a year-over-year basis. Sell-side analysts predict that Consolidated Edison, Inc. will post 5.3 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison's dividend payout ratio is currently 46.24%.

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.

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