6,520 Shares in Consolidated Edison, Inc. (NYSE:ED) Purchased by Summit Global Investments

Summit Global Investments purchased a new position in Consolidated Edison, Inc. (NYSE:ED) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,520 shares of the utilities provider’s stock, valued at approximately $582,000.

Other institutional investors have also recently made changes to their positions in the company. Blueshift Asset Management LLC acquired a new stake in Consolidated Edison during the 4th quarter worth $397,000. Magnetar Financial LLC acquired a new position in Consolidated Edison during the fourth quarter worth about $4,344,000. Teacher Retirement System of Texas boosted its position in Consolidated Edison by 64.3% during the fourth quarter. Teacher Retirement System of Texas now owns 358,424 shares of the utilities provider’s stock worth $31,982,000 after acquiring an additional 140,266 shares during the last quarter. Royal London Asset Management Ltd. boosted its position in Consolidated Edison by 82.9% during the fourth quarter. Royal London Asset Management Ltd. now owns 260,860 shares of the utilities provider’s stock worth $23,277,000 after acquiring an additional 118,260 shares during the last quarter. Finally, Vinva Investment Management Ltd boosted its position in Consolidated Edison by 128.4% during the fourth quarter. Vinva Investment Management Ltd now owns 18,303 shares of the utilities provider’s stock worth $1,632,000 after acquiring an additional 10,290 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ED has been the topic of several recent research reports. Barclays boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Mizuho boosted their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Morgan Stanley boosted their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday. Finally, UBS Group boosted their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $102.40.

Consolidated Edison Stock Performance

Shares of ED stock opened at $107.85 on Monday. The firm’s 50 day moving average price is $97.91 and its 200-day moving average price is $98.36. 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 one year low of $87.16 and a one year high of $109.36. The firm has a market cap of $37.40 billion, a P/E ratio of 20.58, a P/E/G ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $3.63 billion. As a group, equities research analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were paid 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 was Wednesday, February 19th. This represents a $3.40 annualized dividend and a yield of 3.15%. Consolidated Edison’s dividend payout ratio is presently 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.