Beacon Capital Management LLC Buys 300 Shares of Consolidated Edison, Inc. (NYSE:ED)

Beacon Capital Management LLC lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 2,307.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 313 shares of the utilities provider’s stock after buying an additional 300 shares during the quarter. Beacon Capital Management LLC’s holdings in Consolidated Edison were worth $28,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Consolidated Edison by 3.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after purchasing an additional 12,953 shares during the last quarter. Corient Private Wealth LLC lifted its position in Consolidated Edison by 4.6% during the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after purchasing an additional 7,725 shares during the last quarter. abrdn plc lifted its holdings in shares of Consolidated Edison by 30.2% in the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after acquiring an additional 72,273 shares during the last quarter. UBS Group AG lifted its stake in shares of Consolidated Edison by 14.7% in the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after purchasing an additional 62,519 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in Consolidated Edison by 2,486.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock valued at $1,977,000 after acquiring an additional 20,934 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ED. UBS Group lifted their target price on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Wells Fargo & Company increased their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Morgan Stanley reduced their target price on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Mizuho lifted their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus price target of $89.04.

Consolidated Edison Trading Up 0.6 %

ED stock traded up $0.62 during trading on Friday, reaching $100.83. 1,928,675 shares of the stock traded hands, compared to its average volume of 1,869,824. The business’s 50 day moving average price is $92.22 and its 200-day moving average price is $91.36. The firm has a market capitalization of $34.87 billion, a PE ratio of 19.14, a P/E/G ratio of 2.49 and a beta of 0.34. Consolidated Edison, Inc. has a 52-week low of $80.46 and a 52-week high of $105.99. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. During the same period in the previous year, the company posted $0.61 earnings per share. As a group, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s payout ratio is 63.72%.

About Consolidated Edison

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.