PFG Investments LLC Raises Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

PFG Investments LLC increased its position in Consolidated Edison, Inc. (NYSE:ED - Free Report) by 225.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,237 shares of the utilities provider's stock after purchasing an additional 43,133 shares during the period. PFG Investments LLC's holdings in Consolidated Edison were worth $5,652,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Diversified Trust Co boosted its holdings in Consolidated Edison by 140.8% in the fourth quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider's stock worth $3,361,000 after acquiring an additional 21,604 shares in the last quarter. abrdn plc boosted its holdings in Consolidated Edison by 30.2% in the fourth quarter. abrdn plc now owns 311,894 shares of the utilities provider's stock worth $28,373,000 after acquiring an additional 72,273 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Consolidated Edison by 169.9% in the fourth quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider's stock worth $5,487,000 after acquiring an additional 37,971 shares in the last quarter. Blackhawk Capital Partners LLC. bought a new stake in Consolidated Edison in the fourth quarter worth $1,551,000. Finally, Mariner LLC boosted its holdings in Consolidated Edison by 24.9% in the third quarter. Mariner LLC now owns 91,702 shares of the utilities provider's stock worth $7,844,000 after acquiring an additional 18,270 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of research analyst reports. KeyCorp raised Consolidated Edison from an "underweight" rating to a "sector weight" rating in a report on Thursday, January 4th. Scotiabank lowered their price target on Consolidated Edison from $91.00 to $85.00 and set a "sector underperform" rating on the stock in a report on Monday, April 22nd. Royal Bank of Canada lowered their price target on Consolidated Edison from $94.00 to $93.00 and set a "sector perform" rating on the stock in a report on Friday, February 16th. Barclays upped their price target on Consolidated Edison from $86.00 to $87.00 and gave the company an "equal weight" rating in a report on Thursday, March 14th. Finally, UBS Group lowered their price target on Consolidated Edison from $99.00 to $94.00 and set a "neutral" rating on the stock in a report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $87.54.

Consolidated Edison Price Performance

Shares of NYSE:ED traded down $1.18 during trading on Friday, hitting $92.93. 1,418,568 shares of the company's stock were exchanged, compared to its average volume of 2,051,882. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $100.44. The business's 50-day simple moving average is $89.52 and its 200 day simple moving average is $89.91. The company has a market cap of $32.11 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 8.86 and a beta of 0.35.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, beating analysts' consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same period in the prior year, the company earned $0.81 earnings per share. The firm's revenue was down 14.6% on a year-over-year basis. As a group, equities analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison's payout ratio is 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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