Consolidated Edison, Inc. (NYSE:ED) Stake Increased by SpiderRock Advisors LLC

SpiderRock Advisors LLC increased its stake in Consolidated Edison, Inc. (NYSE:ED) by 18.2% in the third quarter, Holdings Channel reports. The institutional investor owned 6,690 shares of the utilities provider’s stock after acquiring an additional 1,029 shares during the quarter. SpiderRock Advisors LLC’s holdings in Consolidated Edison were worth $697,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Performance Advisors LLP bought a new stake in shares of Consolidated Edison in the third quarter worth $27,000. Beacon Capital Management LLC boosted its holdings in Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Pathway Financial Advisers LLC acquired a new position in Consolidated Edison in the first quarter worth $33,000. TruNorth Capital Management LLC acquired a new position in Consolidated Edison in the second quarter worth $33,000. Finally, Versant Capital Management Inc boosted its holdings in Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 327 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $98.13 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The company’s 50-day moving average price is $103.35 and its two-hundred day moving average price is $97.92. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The stock has a market cap of $33.97 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.38%. Consolidated Edison’s payout ratio is presently 64.59%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ED. Jefferies Financial Group began coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective for the company. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Morgan Stanley boosted their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Guggenheim boosted their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays reduced their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average price target of $98.35.

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.