Russell Investments Group Ltd. increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 84.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 246,770 shares of the utilities provider’s stock after buying an additional 113,226 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of Consolidated Edison worth $18,737,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. DT Investment Partners LLC raised its position in Consolidated Edison by 11.1% in the third quarter. DT Investment Partners LLC now owns 31,078 shares of the utilities provider’s stock valued at $2,368,000 after purchasing an additional 3,094 shares during the last quarter. Mycio Wealth Partners LLC bought a new position in Consolidated Edison in the third quarter valued at about $273,000. Creative Planning raised its position in Consolidated Edison by 2.1% in the third quarter. Creative Planning now owns 72,805 shares of the utilities provider’s stock valued at $5,547,000 after purchasing an additional 1,499 shares during the last quarter. First Trust Advisors LP raised its position in Consolidated Edison by 12.2% in the third quarter. First Trust Advisors LP now owns 815,094 shares of the utilities provider’s stock valued at $62,102,000 after purchasing an additional 88,778 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in Consolidated Edison by 32.1% in the third quarter. Fisher Asset Management LLC now owns 5,270 shares of the utilities provider’s stock valued at $402,000 after purchasing an additional 1,281 shares during the last quarter. Institutional investors and hedge funds own 58.60% of the company’s stock.
Shares of ED opened at $78.26 on Thursday. Consolidated Edison, Inc. has a 1 year low of $71.12 and a 1 year high of $89.70. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 0.97. The stock has a market cap of $24.05 billion and a PE ratio of 19.13.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Wednesday, November 14th will be given a dividend of $0.715 per share. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.65%. Consolidated Edison’s dividend payout ratio (DPR) is 69.93%.
Several equities analysts have commented on ED shares. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research report on Wednesday, September 12th. Bank of America increased their target price on Consolidated Edison from $84.50 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, September 26th. Morgan Stanley dropped their target price on Consolidated Edison from $81.00 to $77.00 and set a “sell” rating for the company in a research report on Friday, September 21st. ValuEngine downgraded Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. Finally, UBS Group increased their target price on Consolidated Edison from $83.00 to $84.00 and gave the company a “neutral” rating in a research report on Friday, September 21st. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $77.18.
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 3.4 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 1,600 customers in parts of Manhattan.
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