Grantham Mayo Van Otterloo & Co. LLC Takes $5.71 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Grantham Mayo Van Otterloo & Co. LLC acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, Holdings Channel reports. The fund acquired 64,000 shares of the utilities provider’s stock, valued at approximately $5,711,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Consolidated Edison in the 4th quarter worth approximately $399,824,000. ExodusPoint Capital Management LP increased its position in 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 worth $97,564,000 after acquiring an additional 879,866 shares during the period. Burkehill Global Management LP acquired a new position in Consolidated Edison during the 4th quarter valued at $53,538,000. Vanguard Group Inc. boosted its holdings 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 valued at $3,788,319,000 after purchasing an additional 488,752 shares during the period. Finally, National Bank of Canada FI grew its position in Consolidated Edison by 350.6% in the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after purchasing an additional 482,953 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 2.8 %

Shares of NYSE ED opened at $109.53 on Monday. The business has a fifty day moving average of $101.43 and a two-hundred day moving average of $98.70. 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 stock has a market cap of $39.45 billion, a PE ratio of 20.90, a PEG ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. 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 firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.10%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

Analyst Upgrades and Downgrades

ED has been the subject of several research reports. Barclays increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research note on Monday, February 24th. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Scotiabank boosted their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Morgan Stanley raised their target price on Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research report on Thursday, March 20th. Finally, Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $102.40.

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.