Aigen Investment Management LP Purchases 24,118 Shares of Consolidated Edison, Inc. (NYSE:ED)

Aigen Investment Management LP lifted its position in Consolidated Edison, Inc. (NYSE:ED) by 135.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 41,881 shares of the utilities provider’s stock after buying an additional 24,118 shares during the period. Consolidated Edison accounts for 0.9% of Aigen Investment Management LP’s portfolio, making the stock its 11th biggest position. Aigen Investment Management LP’s holdings in Consolidated Edison were worth $4,361,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new stake in shares of Consolidated Edison in the 1st quarter valued at about $498,000. Envestnet Portfolio Solutions Inc. raised its stake in Consolidated Edison by 14.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 15,747 shares of the utilities provider’s stock worth $1,430,000 after buying an additional 2,005 shares in the last quarter. Empowered Funds LLC raised its stake in Consolidated Edison by 21.7% in the first quarter. Empowered Funds LLC now owns 13,770 shares of the utilities provider’s stock worth $1,250,000 after buying an additional 2,458 shares in the last quarter. Atomi Financial Group Inc. purchased a new stake in Consolidated Edison during the first quarter worth $322,000. Finally, Sei Investments Co. boosted its position in Consolidated Edison by 57.4% during the 1st quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after acquiring an additional 89,080 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Stock Performance

ED stock traded down $0.34 during midday trading on Tuesday, reaching $98.14. The stock had a trading volume of 126,645 shares, compared to its average volume of 1,854,863. The firm has a fifty day simple moving average of $103.29 and a two-hundred day simple moving average of $97.99. Consolidated Edison, Inc. has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The stock has a market cap of $34.00 billion, a PE ratio of 18.55, a P/E/G ratio of 3.31 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.75% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. As a group, equities research analysts anticipate that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ED shares. Bank of America upped their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company raised their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Guggenheim raised their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, UBS Group upped their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $98.35.

Consolidated Edison Company 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.