IHT Wealth Management LLC Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

IHT Wealth Management LLC acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,360 shares of the utilities provider’s stock, valued at approximately $312,000.

Other hedge funds also recently made changes to their positions in the company. Krane Funds Advisors LLC acquired a new stake in Consolidated Edison in the second quarter valued at approximately $25,000. FTB Advisors Inc. grew its position in Consolidated Edison by 220.2% in the 2nd quarter. FTB Advisors Inc. now owns 285 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 196 shares during the period. Coastal Capital Group Inc. acquired a new stake in Consolidated Edison in the 2nd quarter valued at $26,000. 1 North Wealth Services LLC bought a new stake in Consolidated Edison during the 3rd quarter valued at $28,000. Finally, Golden State Wealth Management LLC bought a new stake in Consolidated Edison during the 3rd quarter valued at $32,000. 59.93% of the stock is owned by institutional investors.

Shares of NYSE:ED opened at $85.55 on Tuesday. The company has a current ratio of 0.58, a quick ratio of 0.52 and a debt-to-equity ratio of 1.01. The stock’s fifty day simple moving average is $89.26 and its two-hundred day simple moving average is $88.91. Consolidated Edison, Inc. has a 1-year low of $73.29 and a 1-year high of $94.97. The stock has a market cap of $28.88 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 10.06 and a beta of 0.02.

Consolidated Edison (NYSE:ED) last announced its earnings results on Monday, November 4th. The utilities provider reported $1.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.58 by ($0.04). Consolidated Edison had a net margin of 10.98% and a return on equity of 7.92%. The firm had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter in the prior year, the company earned $1.57 EPS. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 4.32 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Tuesday, November 12th. Consolidated Edison’s payout ratio is 68.52%.

A number of research firms have weighed in on ED. Wells Fargo & Co raised their price objective on shares of Consolidated Edison from $94.00 to $95.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $90.00 to $89.00 and set an “underweight” rating for the company in a report on Thursday, October 17th. Barclays downgraded shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $95.00 to $88.00 in a research report on Wednesday, November 27th. Credit Suisse Group lowered their target price on shares of Consolidated Edison from $90.00 to $89.00 and set an “underperform” rating on the stock in a report on Tuesday, November 5th. Finally, Bank of America cut shares of Consolidated Edison from a “buy” rating to a “neutral” rating and dropped their price target for the company from $99.00 to $92.00 in a research report on Thursday, November 14th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $91.51.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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