FLC Capital Advisors Takes Position in Consolidated Edison, Inc. (NYSE:ED)

FLC Capital Advisors purchased a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,000 shares of the utilities provider’s stock, valued at approximately $208,000.

A number of other hedge funds have also bought and sold shares of ED. Clean Energy Transition LLP lifted its holdings in Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after acquiring an additional 623,787 shares during the period. Acadian Asset Management LLC lifted its holdings in Consolidated Edison by 302.3% during the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after acquiring an additional 532,893 shares during the period. AMF Tjanstepension AB lifted its holdings in Consolidated Edison by 243.2% during the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after acquiring an additional 352,903 shares during the period. Swedbank AB bought a new stake in Consolidated Edison during the first quarter worth $30,515,000. Finally, LPL Financial LLC lifted its holdings in Consolidated Edison by 101.3% during the second quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock worth $54,242,000 after acquiring an additional 305,291 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $106.13 on Thursday. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $106.41. The business has a 50-day simple moving average of $102.58 and a 200 day simple moving average of $96.42. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The stock has a market cap of $36.70 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 3.46 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the previous year, the business earned $0.61 earnings per share. On average, research analysts forecast that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on ED shares. Barclays boosted their target price on Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research note on Monday, August 5th. UBS Group boosted their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Guggenheim boosted their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Scotiabank lifted their price target on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Wells Fargo & Company lifted their price target on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $96.46.

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.