Connor Clark & Lunn Investment Management Ltd. Has $21.60 Million Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Connor Clark & Lunn Investment Management Ltd. boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 3,160.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 242,032 shares of the utilities provider’s stock after purchasing an additional 234,609 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.07% of Consolidated Edison worth $21,597,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new stake in Consolidated Edison during the third quarter worth approximately $30,000. AlphaMark Advisors LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $27,000. Fairway Wealth LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $36,000. OFI Invest Asset Management acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $35,000. Finally, Centricity Wealth Management LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $39,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Scotiabank raised their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. UBS Group raised their target price on shares of Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 25th. Morgan Stanley lowered their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Finally, Mizuho raised their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $101.50.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $104.61 on Friday. The company’s 50 day simple moving average is $95.62 and its 200 day simple moving average is $98.15. The stock has a market capitalization of $36.28 billion, a price-to-earnings ratio of 19.96, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a 1 year low of $87.16 and a 1 year high of $107.97.

Consolidated Edison (NYSE:ED) last posted its 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 firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. As a group, research analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend is Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s payout ratio is presently 64.89%.

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.