Russell Investments Group Ltd. Raises Position in Consolidated Edison, Inc. (NYSE:ED)

Russell Investments Group Ltd. grew its holdings in shares of Consolidated Edison, Inc. (NYSE:EDGet Rating) by 7.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 420,647 shares of the utilities provider’s stock after purchasing an additional 27,472 shares during the period. Russell Investments Group Ltd.’s holdings in Consolidated Edison were worth $36,264,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Burleson & Company LLC acquired a new stake in Consolidated Edison during the 3rd quarter worth about $26,000. Destiny Wealth Partners LLC acquired a new stake in Consolidated Edison during the 3rd quarter worth about $30,000. Private Capital Group LLC grew its position in Consolidated Edison by 327.6% during the 2nd quarter. Private Capital Group LLC now owns 325 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 249 shares during the period. Motco acquired a new stake in Consolidated Edison during the 3rd quarter worth about $37,000. Finally, Heritage Wealth Management LLC acquired a new stake in Consolidated Edison during the 2nd quarter worth about $39,000. Hedge funds and other institutional investors own 64.95% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on ED. Morgan Stanley raised their target price on Consolidated Edison from $78.00 to $79.00 and gave the company an “underweight” rating in a research report on Monday. Guggenheim dropped their target price on Consolidated Edison from $94.00 to $82.00 in a research report on Monday, October 24th. Royal Bank of Canada raised their target price on Consolidated Edison from $89.00 to $90.00 and gave the company a “sector perform” rating in a research report on Monday, October 3rd. Mizuho cut Consolidated Edison from a “buy” rating to a “neutral” rating and raised their target price for the company from $91.00 to $98.00 in a research report on Monday, January 9th. Finally, StockNews.com began coverage on Consolidated Edison in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Four equities research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $86.73.

Consolidated Edison Trading Up 0.5 %

ED opened at $94.05 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.83 and a quick ratio of 0.75. The company’s 50 day simple moving average is $96.00 and its two-hundred day simple moving average is $94.07. Consolidated Edison, Inc. has a 1-year low of $78.10 and a 1-year high of $102.21. The firm has a market capitalization of $33.37 billion, a price-to-earnings ratio of 19.72, a price-to-earnings-growth ratio of 9.60 and a beta of 0.34.

Consolidated Edison (NYSE:EDGet Rating) last released its earnings results on Thursday, November 3rd. The utilities provider reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.16. Consolidated Edison had a net margin of 11.25% and a return on equity of 8.17%. The business had revenue of $4.17 billion for the quarter, compared to analyst estimates of $3.73 billion. Analysts expect that Consolidated Edison, Inc. will post 4.56 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Wednesday, February 15th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Tuesday, February 14th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.79. Consolidated Edison’s payout ratio is presently 66.25%.

About Consolidated Edison

(Get Rating)

Consolidated Edison, Inc operates as a holding company, which through its subsidiaries engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York(CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.

Recommended Stories

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:EDGet Rating).

Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.