Applied Finance Capital Management LLC Has $977,000 Stock Holdings in Consolidated Edison Inc (NYSE:ED)

Applied Finance Capital Management LLC boosted its stake in Consolidated Edison Inc (NYSE:ED) by 23.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,832 shares of the utilities provider’s stock after purchasing an additional 1,704 shares during the quarter. Applied Finance Capital Management LLC’s holdings in Consolidated Edison were worth $977,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Norges Bank acquired a new position in shares of Consolidated Edison during the fourth quarter valued at about $399,824,000. GAMMA Investing LLC boosted its stake in Consolidated Edison by 15,937.5% in the first quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider’s stock valued at $113,031,000 after acquiring an additional 1,015,700 shares during the last quarter. ExodusPoint Capital Management LP raised its position in shares of 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 purchasing an additional 879,866 shares during the period. Invesco Ltd. raised its position in shares of Consolidated Edison by 27.9% in 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 period. Finally, Marshall Wace LLP raised its position in shares of Consolidated Edison by 232.3% in 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 period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ED has been the topic of several research reports. Morgan Stanley lowered their price target on shares of Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating on the stock in a research report on Wednesday, June 18th. KeyCorp reissued an “overweight” rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Mizuho raised shares of Consolidated Edison from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $105.00 to $107.00 in a report on Monday, June 30th. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. Finally, Guggenheim upped their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $105.09.

Consolidated Edison Trading Up 0.2%

NYSE:ED opened at $102.25 on Friday. The company has a 50-day moving average price of $101.74 and a 200-day moving average price of $102.28. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 1.04. The stock has a market cap of $36.84 billion, a price-to-earnings ratio of 18.90, a P/E/G ratio of 3.26 and a beta of 0.26.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). The company had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period in the prior year, the business posted $2.15 earnings per share. Equities analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.33%. Consolidated Edison’s payout ratio is 62.85%.

About Consolidated Edison

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.