Hurley Capital LLC Takes $64,000 Position in Consolidated Edison, Inc. (NYSE:ED)

Hurley Capital LLC purchased a new position in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, Holdings Channel.com reports. The firm purchased 712 shares of the utilities provider’s stock, valued at approximately $64,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in Consolidated Edison during the 4th quarter valued at $399,824,000. ExodusPoint Capital Management LP grew its holdings in shares of Consolidated Edison by 412.0% during the fourth quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock valued at $97,564,000 after buying an additional 879,866 shares in the last quarter. Burkehill Global Management LP acquired a new position in Consolidated Edison during the fourth quarter valued at $53,538,000. Vanguard Group Inc. lifted its stake in Consolidated Edison by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider’s stock worth $3,788,319,000 after acquiring an additional 488,752 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in Consolidated Edison by 350.6% during the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after acquiring an additional 482,953 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Mizuho upped their target price on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Barclays increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday, February 24th. Scotiabank lifted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. UBS Group upped their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Finally, Morgan Stanley lifted their price objective on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $102.40.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $109.53 on Friday. The business’s 50-day simple moving average is $101.43 and its 200-day simple moving average is $98.73. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a 52 week low of $87.28 and a 52 week high of $114.87. The firm has a market cap of $37.98 billion, a price-to-earnings ratio of 20.90, a P/E/G ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.10%. Consolidated Edison’s payout ratio is currently 64.89%.

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.