Summit Trail Advisors LLC Increases Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Summit Trail Advisors LLC raised its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,651 shares of the utilities provider’s stock after acquiring an additional 1,700 shares during the period. Summit Trail Advisors LLC’s holdings in Consolidated Edison were worth $2,671,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Clean Energy Transition LLP lifted its position in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after buying an additional 548,204 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Consolidated Edison by 302.3% during the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after purchasing an additional 532,893 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Consolidated Edison by 4,020.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock valued at $42,366,000 after buying an additional 396,985 shares during the period. Finally, AMF Tjanstepension AB raised its stake in Consolidated Edison by 243.2% during the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Down 0.3 %

NYSE:ED opened at $98.36 on Monday. The firm has a market cap of $34.07 billion, a price-to-earnings ratio of 18.52, a P/E/G ratio of 3.31 and a beta of 0.36. Consolidated Edison, Inc. has a 12 month low of $85.85 and a 12 month high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company’s 50 day moving average is $102.01 and its 200-day moving average is $98.09.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Equities analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Analyst Ratings Changes

A number of equities analysts have weighed in on ED shares. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price for the company. UBS Group increased their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Guggenheim raised their target price on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Scotiabank boosted their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.19.

Consolidated Edison Company 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.