Elo Mutual Pension Insurance Co Increases Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

Elo Mutual Pension Insurance Co raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 30.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 39,796 shares of the utilities provider’s stock after buying an additional 9,268 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Consolidated Edison were worth $3,551,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ED. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Consolidated Edison by 8.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 609,563 shares of the utilities provider’s stock worth $54,397,000 after buying an additional 47,181 shares during the last quarter. Korea Investment CORP increased its position in shares of Consolidated Edison by 50.1% in the 4th quarter. Korea Investment CORP now owns 237,034 shares of the utilities provider’s stock valued at $21,151,000 after acquiring an additional 79,154 shares during the period. Graney & King LLC purchased a new position in Consolidated Edison in the 4th quarter worth $300,000. Penobscot Investment Management Company Inc. lifted its position in Consolidated Edison by 5.7% during the 4th quarter. Penobscot Investment Management Company Inc. now owns 2,300 shares of the utilities provider’s stock worth $205,000 after acquiring an additional 125 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in Consolidated Edison by 7.2% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 583,870 shares of the utilities provider’s stock valued at $52,099,000 after purchasing an additional 39,246 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.9 %

Shares of Consolidated Edison stock opened at $108.81 on Friday. The firm has a 50-day simple moving average of $99.56 and a two-hundred day simple moving average of $98.56. 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 fifty-two week low of $87.28 and a fifty-two week high of $109.44. The company has a market cap of $37.73 billion, a P/E ratio of 20.77, a price-to-earnings-growth 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, equities analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were paid a $0.85 dividend. The ex-dividend date was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.12%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

Analyst Ratings Changes

Several brokerages have recently issued reports on ED. Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Morgan Stanley raised their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research report on Thursday, March 20th. Barclays lifted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research note on Monday, February 24th. Scotiabank increased their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Finally, UBS Group raised their target price on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Two 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 stock has an average rating of “Hold” and an average target price of $102.40.

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.