Ballast Inc. Purchases 610 Shares of Consolidated Edison, Inc. (NYSE:ED)

Ballast Inc. grew its position in Consolidated Edison, Inc. (NYSE:ED) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,052 shares of the utilities provider’s stock after purchasing an additional 610 shares during the quarter. Ballast Inc.’s holdings in Consolidated Edison were worth $1,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Point72 Asset Management L.P. increased its stake in Consolidated Edison by 1,766.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after buying an additional 935,962 shares in the last quarter. Clean Energy Transition LLP raised its position in shares of Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares during the last quarter. FMR LLC lifted its holdings in shares of Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after buying an additional 572,530 shares in the last quarter. International Assets Investment Management LLC grew its stake in Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after acquiring an additional 548,204 shares in the last quarter. Finally, National Bank of Canada FI increased its holdings 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 valued at $64,634,000 after acquiring an additional 482,953 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ED has been the subject of a number of research analyst reports. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Barclays cut their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Jefferies Financial Group began coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price target for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Finally, Morgan Stanley dropped their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $100.64.

Consolidated Edison Stock Up 1.6 %

Shares of ED opened at $93.74 on Friday. The firm has a market capitalization of $32.47 billion, a P/E ratio of 17.65, a P/E/G ratio of 2.81 and a beta of 0.38. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The firm has a fifty day moving average price of $93.35 and a 200-day moving average price of $97.84. 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 (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Equities research analysts expect that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 62.52%.

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.