Navellier & Associates Inc. Grows Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Navellier & Associates Inc. increased its holdings in Consolidated Edison, Inc. (NYSE:ED) by 29.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,070 shares of the utilities provider’s stock after buying an additional 930 shares during the period. Navellier & Associates Inc.’s holdings in Consolidated Edison were worth $363,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Allianz Asset Management GmbH boosted its position in shares of Consolidated Edison by 13.8% in the 4th quarter. Allianz Asset Management GmbH now owns 1,847,034 shares of the utilities provider’s stock worth $164,811,000 after buying an additional 224,258 shares in the last quarter. Centricity Wealth Management LLC acquired a new position in Consolidated Edison in the 4th quarter valued at about $39,000. Forte Capital LLC ADV raised its stake in Consolidated Edison by 2.4% in the 4th quarter. Forte Capital LLC ADV now owns 22,387 shares of the utilities provider’s stock valued at $1,998,000 after purchasing an additional 527 shares during the last quarter. ING Groep NV acquired a new position in Consolidated Edison in the 4th quarter valued at about $725,000. Finally, Bryn Mawr Capital Management LLC raised its stake in Consolidated Edison by 1,676.3% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 58,584 shares of the utilities provider’s stock valued at $5,227,000 after purchasing an additional 55,286 shares during the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ED. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their target price for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Mizuho boosted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Morgan Stanley cut their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Finally, Barclays cut their target price on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research note on Monday, January 27th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $100.70.

Consolidated Edison Stock Up 2.6 %

ED opened at $98.27 on Monday. The firm has a 50 day moving average price of $92.09 and a 200 day moving average price of $97.96. The company has a market cap of $34.04 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. 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 (NYSE:ED) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. Sell-side analysts expect that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date is Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 64.89%.

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.