Monument Capital Management Takes Position in Consolidated Edison, Inc. (NYSE:ED)

Monument Capital Management purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) in the 1st quarter, Holdings Channel.com reports. The firm purchased 5,369 shares of the utilities provider’s stock, valued at approximately $488,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc boosted its stake in Consolidated Edison by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock valued at $530,373,000 after purchasing an additional 27,850 shares during the period. Morgan Stanley boosted its stake in Consolidated Edison by 1.8% during the 3rd quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock valued at $361,069,000 after purchasing an additional 72,915 shares during the period. Norges Bank acquired a new position in Consolidated Edison during the 4th quarter valued at about $243,511,000. Charles Schwab Investment Management Inc. boosted its stake in Consolidated Edison by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after purchasing an additional 47,936 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Consolidated Edison by 2.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,491,266 shares of the utilities provider’s stock valued at $127,548,000 after purchasing an additional 34,887 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on ED. Morgan Stanley reduced their target price on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Mizuho boosted their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Barclays boosted their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Finally, Scotiabank dropped their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average price target of $89.27.

Consolidated Edison Stock Down 0.3 %

NYSE ED opened at $88.71 on Thursday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The company’s 50 day simple moving average is $93.40 and its 200 day simple moving average is $91.08. Consolidated Edison, Inc. has a 12 month low of $80.46 and a 12 month high of $98.85. The company has a market capitalization of $30.68 billion, a P/E ratio of 17.03, a PEG ratio of 2.26 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same period in the previous year, the firm earned $1.83 EPS. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. Equities research analysts expect that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend was Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

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.