RMR Wealth Builders Raises Holdings in Consolidated Edison, Inc. (NYSE:ED)

RMR Wealth Builders raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 8.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,576 shares of the utilities provider’s stock after purchasing an additional 287 shares during the period. RMR Wealth Builders’ holdings in Consolidated Edison were worth $319,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Choreo LLC boosted its stake in shares of Consolidated Edison by 48.9% in the 2nd quarter. Choreo LLC now owns 13,587 shares of the utilities provider’s stock worth $1,207,000 after buying an additional 4,462 shares during the last quarter. Royal London Asset Management Ltd. boosted its stake in shares of Consolidated Edison by 1.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 138,040 shares of the utilities provider’s stock worth $12,344,000 after buying an additional 1,434 shares during the last quarter. Andra AP fonden purchased a new position in shares of Consolidated Edison in the 2nd quarter worth $1,771,000. Daiwa Securities Group Inc. boosted its stake in shares of Consolidated Edison by 9.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 39,761 shares of the utilities provider’s stock worth $3,556,000 after buying an additional 3,504 shares during the last quarter. Finally, Headlands Technologies LLC boosted its stake in shares of Consolidated Edison by 180.4% in the 2nd quarter. Headlands Technologies LLC now owns 5,577 shares of the utilities provider’s stock worth $499,000 after buying an additional 3,588 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. UBS Group raised their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Morgan Stanley decreased their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their target price for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Finally, Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $100.64.

Consolidated Edison Trading Down 0.9 %

Shares of ED stock opened at $88.19 on Friday. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The stock’s 50-day moving average price is $94.15 and its 200-day moving average price is $97.80. The stock has a market capitalization of $30.55 billion, a price-to-earnings ratio of 16.61, a price-to-earnings-growth ratio of 3.11 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last issued its earnings results 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. The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. Equities research analysts predict that Consolidated Edison, Inc. will post 5.34 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were given a $0.83 dividend. The ex-dividend date was Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.76%. Consolidated Edison’s dividend payout ratio is currently 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.