Consolidated Edison, Inc. (NYSE:ED) Shares Acquired by Fred Alger Management LLC

Fred Alger Management LLC boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 12.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,228 shares of the utilities provider’s stock after purchasing an additional 3,834 shares during the period. Fred Alger Management LLC’s holdings in Consolidated Edison were worth $3,668,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tidal Investments LLC grew its holdings in Consolidated Edison by 5.5% during the first quarter. Tidal Investments LLC now owns 7,204 shares of the utilities provider’s stock worth $654,000 after acquiring an additional 375 shares during the period. Cetera Investment Advisers raised its holdings in shares of Consolidated Edison by 442.3% in the 1st quarter. Cetera Investment Advisers now owns 87,922 shares of the utilities provider’s stock worth $7,984,000 after purchasing an additional 71,710 shares in the last quarter. Cetera Advisors LLC lifted its stake in Consolidated Edison by 74.5% during the first quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock valued at $1,557,000 after purchasing an additional 7,324 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Consolidated Edison by 6.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 204,619 shares of the utilities provider’s stock valued at $18,346,000 after purchasing an additional 11,982 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Consolidated Edison by 38.8% in the second quarter. GAMMA Investing LLC now owns 4,976 shares of the utilities provider’s stock worth $445,000 after buying an additional 1,391 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

ED has been the subject of several research reports. Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Morgan Stanley cut their price objective on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Barclays decreased their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. UBS Group lifted their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Finally, Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $99.13.

Consolidated Edison Trading Down 1.0 %

NYSE ED opened at $100.59 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The firm’s fifty day simple moving average is $101.75 and its 200-day simple moving average is $98.21. The company has a market capitalization of $34.85 billion, a PE ratio of 18.94, a price-to-earnings-growth ratio of 3.41 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is 62.52%.

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.