Marino Stram & Associates LLC increased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 19.1% in the 1st quarter, Holdings Channel reports. The firm owned 8,026 shares of the utilities provider’s stock after buying an additional 1,285 shares during the period. Marino Stram & Associates LLC’s holdings in Consolidated Edison were worth $681,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Field & Main Bank bought a new position in shares of Consolidated Edison in the first quarter worth approximately $30,000. Willingdon Wealth Management bought a new position in shares of Consolidated Edison in the first quarter worth approximately $31,000. Financial Gravity Companies Inc. bought a new position in shares of Consolidated Edison in the fourth quarter worth approximately $28,000. Financial Gravity Wealth Inc. bought a new position in shares of Consolidated Edison during the first quarter worth $32,000. Finally, Sontag Advisory LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth $30,000. 59.44% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on ED. KeyCorp began coverage on shares of Consolidated Edison in a research report on Tuesday, June 4th. They set a “sector weight” rating for the company. Morgan Stanley upped their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “underweight” rating in a research report on Thursday, May 16th. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $96.00 to $94.00 in a research report on Friday, April 26th. They noted that the move was a valuation call. Finally, Mizuho began coverage on shares of Consolidated Edison in a research report on Monday, March 11th. They set a “neutral” rating and a $85.00 target price for the company. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $78.92.
Shares of NYSE:ED traded up $0.76 during midday trading on Wednesday, reaching $87.48. 427,541 shares of the company were exchanged, compared to its average volume of 1,998,811. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.54 and a current ratio of 0.60. Consolidated Edison, Inc. has a one year low of $71.12 and a one year high of $90.51. The firm has a market cap of $28.57 billion, a price-to-earnings ratio of 20.25, a P/E/G ratio of 10.09 and a beta of 0.13.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $1.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.04. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. The firm had revenue of $3.51 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same quarter in the prior year, the business earned $1.38 earnings per share. As a group, research analysts predict that Consolidated Edison, Inc. will post 4.38 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be paid a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is 68.52%.
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Consolidated Edison Company Profile
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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