QRG Capital Management Inc. Raises Position in Consolidated Edison, Inc. (NYSE:ED)

QRG Capital Management Inc. grew its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 352,822 shares of the utilities provider’s stock after purchasing an additional 9,585 shares during the period. QRG Capital Management Inc. owned approximately 0.10% of Consolidated Edison worth $36,739,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ED. National Pension Service raised its stake in shares of Consolidated Edison by 7.0% during the 3rd quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock valued at $48,792,000 after buying an additional 30,838 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $75,000. Van ECK Associates Corp grew its position in shares of Consolidated Edison by 2.9% during the 3rd quarter. Van ECK Associates Corp now owns 95,927 shares of the utilities provider’s stock valued at $10,303,000 after acquiring an additional 2,681 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in Consolidated Edison in the 3rd quarter worth about $381,000. Finally, Shepherd Financial Partners LLC boosted its holdings in Consolidated Edison by 5.6% in the 3rd quarter. Shepherd Financial Partners LLC now owns 13,596 shares of the utilities provider’s stock worth $1,416,000 after buying an additional 722 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Barclays lifted their price objective on Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Jefferies Financial Group assumed coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Scotiabank boosted their target price on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Finally, Morgan Stanley boosted their target price on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average target price of $98.73.

Consolidated Edison Stock Down 0.1 %

Shares of NYSE:ED traded down $0.14 during trading on Monday, hitting $99.86. The company’s stock had a trading volume of 62,050 shares, compared to its average volume of 1,832,642. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The business has a 50 day moving average price of $103.54 and a two-hundred day moving average price of $97.73. The company has a market capitalization of $34.57 billion, a PE ratio of 19.46, a P/E/G ratio of 3.43 and a beta of 0.36. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the firm posted $0.61 earnings per share. As a group, research analysts expect that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.32%. Consolidated Edison’s payout ratio is 64.59%.

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.