State Street Corp grew its position in Consolidated Edison, Inc. (NYSE:ED) by 2.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,528,391 shares of the utilities provider’s stock after acquiring an additional 610,178 shares during the period. State Street Corp owned about 6.78% of Consolidated Edison worth $2,038,144,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of the business. Fiera Capital Corp increased its stake in shares of Consolidated Edison by 4.8% during the fourth quarter. Fiera Capital Corp now owns 2,500 shares of the utilities provider’s stock worth $226,000 after purchasing an additional 115 shares in the last quarter. 9258 Wealth Management LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $415,000. Retirement Network acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $113,000. Roanoke Asset Management Corp NY lifted its holdings in shares of Consolidated Edison by 6.5% in the 4th quarter. Roanoke Asset Management Corp NY now owns 2,705 shares of the utilities provider’s stock worth $245,000 after acquiring an additional 165 shares during the last quarter. Finally, Samalin Investment Counsel LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $188,000. Institutional investors and hedge funds own 59.91% of the company’s stock.
Consolidated Edison stock traded up $0.71 during midday trading on Friday, hitting $94.35. 46,543 shares of the company’s stock were exchanged, compared to its average volume of 1,658,210. Consolidated Edison, Inc. has a 12-month low of $77.57 and a 12-month high of $95.10. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.52 and a current ratio of 0.58. The stock has a market cap of $30.94 billion, a price-to-earnings ratio of 22.23, a price-to-earnings-growth ratio of 10.37 and a beta of 0.05. The firm’s 50 day simple moving average is $91.02 and its 200 day simple moving average is $89.76.
A number of equities research analysts have issued reports on ED shares. Wells Fargo & Co increased their target price on shares of Consolidated Edison from $94.00 to $95.00 and gave the stock a “market perform” rating in a report on Monday, October 21st. Morgan Stanley increased their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company an “underweight” rating in a research report on Wednesday, January 22nd. Barclays downgraded shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $95.00 to $88.00 in a research report on Wednesday, November 27th. Bank of America increased their target price on shares of Consolidated Edison from $92.00 to $94.00 and gave the company a “neutral” rating in a research report on Friday, December 20th. Finally, Credit Suisse Group dropped their target price on shares of Consolidated Edison from $90.00 to $89.00 and set an “underperform” rating on the stock in a research report on Tuesday, November 5th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $92.44.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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