Callan Capital LLC Raises Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Callan Capital LLC grew its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 13.2% during the fourth quarter, Holdings Channel reports. The firm owned 5,260 shares of the utilities provider’s stock after purchasing an additional 613 shares during the quarter. Callan Capital LLC’s holdings in Consolidated Edison were worth $469,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new stake in Consolidated Edison during the third quarter worth about $776,000. Pathway Financial Advisers LLC increased its stake in Consolidated Edison by 10,302.6% during the third quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after purchasing an additional 24,211 shares during the period. JPMorgan Chase & Co. increased its stake in Consolidated Edison by 4.0% during the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after purchasing an additional 82,985 shares during the period. Hennessy Advisors Inc. increased its stake in Consolidated Edison by 2.8% during the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock worth $12,772,000 after purchasing an additional 3,900 shares during the period. Finally, Gateway Investment Advisers LLC increased its stake in Consolidated Edison by 102.7% during the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock worth $38,394,000 after purchasing an additional 217,981 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent research reports. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their target price for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Mizuho upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Morgan Stanley cut their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Finally, Barclays cut their target price on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a research note on Monday, January 27th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $100.70.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $98.27 on Friday. The firm has a market capitalization of $34.04 billion, a P/E ratio of 18.75, a P/E/G ratio of 3.05 and a beta of 0.39. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week 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 firm’s 50 day moving average is $92.09 and its two-hundred day moving average is $97.98.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.97 by $0.01. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. Research analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is presently 64.89%.

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.