Plato Investment Management Ltd Boosts Stake in Consolidated Edison, Inc. (NYSE:ED)

Plato Investment Management Ltd increased its stake in Consolidated Edison, Inc. (NYSE:ED) by 127.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,690 shares of the utilities provider’s stock after acquiring an additional 12,731 shares during the period. Plato Investment Management Ltd’s holdings in Consolidated Edison were worth $2,360,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Clean Energy Transition LLP raised its holdings in shares of Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares in the last quarter. International Assets Investment Management LLC boosted its stake in Consolidated Edison by 10,262.1% in the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after buying an additional 548,204 shares in the last quarter. Acadian Asset Management LLC grew its position in Consolidated Edison by 302.3% during the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after acquiring an additional 532,893 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Consolidated Edison by 4,020.5% during the third quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock worth $42,366,000 after acquiring an additional 396,985 shares in the last quarter. Finally, AMF Tjanstepension AB raised its stake in shares of Consolidated Edison by 243.2% during the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after acquiring an additional 352,903 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $95.41 on Thursday. The business has a 50 day moving average of $103.16 and a 200 day moving average of $98.02. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a market cap of $33.05 billion, a PE ratio of 17.97, a P/E/G ratio of 3.26 and a beta of 0.36. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Analysts Set New Price Targets

Several research firms recently commented on ED. Wells Fargo & Company increased their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Scotiabank raised their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Guggenheim boosted their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, Morgan Stanley lifted their price target on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $98.35.

About Consolidated Edison

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.