Retirement Systems of Alabama Acquires 318,858 Shares of Consolidated Edison, Inc. (NYSE:ED)

Retirement Systems of Alabama increased its position in Consolidated Edison, Inc. (NYSE:ED) by 408.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 396,849 shares of the utilities provider’s stock after purchasing an additional 318,858 shares during the quarter. Retirement Systems of Alabama owned approximately 0.11% of Consolidated Edison worth $36,101,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Diversified Trust Co lifted its holdings in shares of Consolidated Edison by 140.8% in the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after buying an additional 21,604 shares during the period. abrdn plc lifted its holdings in shares of Consolidated Edison by 30.2% in the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after buying an additional 72,273 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Consolidated Edison by 169.9% in the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock worth $5,487,000 after buying an additional 37,971 shares during the period. Blackhawk Capital Partners LLC. purchased a new stake in shares of Consolidated Edison in the 4th quarter worth $1,551,000. Finally, Mariner LLC lifted its holdings in shares of Consolidated Edison by 24.9% in the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock worth $7,844,000 after buying an additional 18,270 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Trading Down 1.3 %

Shares of NYSE:ED opened at $92.93 on Monday. The business’s 50-day moving average is $89.52 and its 200 day moving average is $89.92. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $100.44. The firm has a market capitalization of $32.11 billion, a P/E ratio of 12.94, a P/E/G ratio of 8.75 and a beta of 0.35. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company’s revenue was down 14.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.81 earnings per share. On average, research analysts predict that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is presently 46.24%.

Analyst Upgrades and Downgrades

ED has been the subject of several recent research reports. Barclays boosted their price target on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. LADENBURG THALM/SH SH initiated coverage on Consolidated Edison in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 price target for the company. UBS Group reduced their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Scotiabank reduced their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Finally, KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average price target of $87.54.

About Consolidated Edison

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.