Zimmer Partners LP Makes New $7.48 Million Investment in Consolidated Edison, Inc. (NYSE:ED)

Zimmer Partners LP acquired a new position in Consolidated Edison, Inc. (NYSE:ED) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 100,000 shares of the utilities provider’s stock, valued at approximately $7,480,000.

A number of other large investors have also recently added to or reduced their stakes in ED. Eaton Vance Management increased its position in shares of Consolidated Edison by 2.3% during the 1st quarter. Eaton Vance Management now owns 84,820 shares of the utilities provider’s stock valued at $6,345,000 after purchasing an additional 1,929 shares during the last quarter. Amundi Asset Management US Inc. boosted its holdings in Consolidated Edison by 41.9% during the 1st quarter. Amundi Asset Management US Inc. now owns 890,708 shares of the utilities provider’s stock valued at $66,624,000 after acquiring an additional 262,936 shares during the period. State of Wisconsin Investment Board boosted its holdings in Consolidated Edison by 22.5% during the 1st quarter. State of Wisconsin Investment Board now owns 329,199 shares of the utilities provider’s stock valued at $24,624,000 after acquiring an additional 60,391 shares during the period. First Heartland Consultants Inc. purchased a new position in Consolidated Edison during the 1st quarter valued at $204,000. Finally, Perigon Wealth Management LLC boosted its holdings in Consolidated Edison by 5.7% during the 1st quarter. Perigon Wealth Management LLC now owns 7,750 shares of the utilities provider’s stock valued at $580,000 after acquiring an additional 421 shares during the period. 60.55% of the stock is currently owned by institutional investors and hedge funds.

Shares of ED stock traded up $0.12 during mid-day trading on Thursday, reaching $72.90. The stock had a trading volume of 9,511 shares, compared to its average volume of 1,981,226. The business has a fifty day moving average of $75.57. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 1.07. The company has a market cap of $25.00 billion, a price-to-earnings ratio of 21.47, a price-to-earnings-growth ratio of 8.68 and a beta of 0.16. Consolidated Edison, Inc. has a 1-year low of $65.56 and a 1-year high of $83.92.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 6th. The utilities provider reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.08. Consolidated Edison had a return on equity of 7.64% and a net margin of 9.02%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.45 billion. During the same period in the prior year, the company earned $1.35 earnings per share. Analysts forecast that Consolidated Edison, Inc. will post 4.24 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 15th. Stockholders of record on Wednesday, August 18th will be paid a $0.775 dividend. The ex-dividend date is Tuesday, August 17th. This represents a $3.10 dividend on an annualized basis and a dividend yield of 4.25%. Consolidated Edison’s payout ratio is 74.16%.

A number of research firms recently issued reports on ED. TheStreet upgraded Consolidated Edison from a “c” rating to a “b-” rating in a report on Thursday, April 22nd. Credit Suisse Group upped their target price on Consolidated Edison from $65.00 to $74.00 and gave the stock an “underperform” rating in a report on Thursday, April 29th. Morgan Stanley lowered their target price on Consolidated Edison from $73.00 to $72.00 and set an “underweight” rating for the company in a report on Tuesday. Barclays boosted their price target on Consolidated Edison from $69.00 to $75.00 and gave the stock an “underweight” rating in a research report on Tuesday, May 25th. Finally, KeyCorp lowered Consolidated Edison from a “sector weight” rating to an “underweight” rating and set a $66.00 price target for the company. in a research report on Tuesday. Six investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company has a consensus rating of “Sell” and an average price target of $75.00.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the 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 1,576 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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