Principal Financial Group Inc. Has $32.07 Million Position in Consolidated Edison, Inc. (NYSE:ED)

Principal Financial Group Inc. boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 3.8% in the third quarter, Holdings Channel.com reports. The firm owned 441,742 shares of the utilities provider’s stock after purchasing an additional 16,357 shares during the quarter. Principal Financial Group Inc.’s holdings in Consolidated Edison were worth $32,066,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC grew its position in shares of Consolidated Edison by 3.8% in the 1st quarter. FMR LLC now owns 181,081 shares of the utilities provider’s stock valued at $15,357,000 after buying an additional 6,640 shares during the last quarter. Sei Investments Co. grew its position in shares of Consolidated Edison by 114.7% in the 2nd quarter. Sei Investments Co. now owns 28,539 shares of the utilities provider’s stock valued at $2,044,000 after buying an additional 15,247 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in shares of Consolidated Edison by 15.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 63,476 shares of the utilities provider’s stock valued at $4,552,000 after buying an additional 8,608 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of Consolidated Edison during the 2nd quarter valued at about $397,000. Finally, Rafferty Asset Management LLC raised its stake in Consolidated Edison by 15.8% during the 2nd quarter. Rafferty Asset Management LLC now owns 8,016 shares of the utilities provider’s stock worth $575,000 after buying an additional 1,092 shares during the period. 61.61% of the stock is owned by institutional investors and hedge funds.

NYSE:ED opened at $83.52 on Friday. The firm has a market capitalization of $29.51 billion, a price-to-earnings ratio of 24.93, a P/E/G ratio of 9.34 and a beta of 0.22. Consolidated Edison, Inc. has a 52-week low of $65.56 and a 52-week high of $86.25. The stock has a fifty day moving average of $81.66 and a 200 day moving average of $77.14. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.89 and a current ratio of 0.97.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 4th. The utilities provider reported $1.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.45 by ($0.04). Consolidated Edison had a net margin of 8.81% and a return on equity of 7.24%. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.46 billion. During the same quarter in the previous year, the business earned $1.48 EPS. Equities analysts forecast that Consolidated Edison, Inc. will post 4.22 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Stockholders of record on Wednesday, November 17th were issued a $0.775 dividend. The ex-dividend date was Tuesday, November 16th. This represents a $3.10 annualized dividend and a dividend yield of 3.71%. Consolidated Edison’s dividend payout ratio is currently 92.54%.

ED has been the topic of a number of research reports. Citigroup upped their price target on Consolidated Edison from $77.00 to $84.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 8th. KeyCorp increased their price objective on Consolidated Edison from $65.00 to $71.00 and gave the stock an “underweight” rating in a research note on Thursday. Mizuho lowered their price objective on Consolidated Edison from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, October 7th. TheStreet raised Consolidated Edison from a “c+” rating to a “b-” rating in a research report on Wednesday, October 20th. Finally, Bank of America lowered Consolidated Edison from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $74.00 to $68.00 in a report on Monday, October 18th. Six investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, Consolidated Edison currently has an average rating of “Sell” and an average price target of $76.00.

In related news, VP Yukari Saegusa sold 1,451 shares of the firm’s stock in a transaction dated Friday, December 3rd. The stock was sold at an average price of $80.45, for a total value of $116,732.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders bought 138 shares of company stock worth $10,413. Company insiders own 0.17% of the company’s stock.

Consolidated Edison Company Profile

Consolidated Edison, Inc operates as holding company, which through its subsidiaries engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc and Con Edison Transmission, Inc.

Further Reading: What is Depreciation?

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison, Inc. (NYSE:ED).

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

Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.