Mesirow Financial Investment Management Inc. Increases Stake in Consolidated Edison, Inc. (NYSE:ED)

Mesirow Financial Investment Management Inc. raised its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,659 shares of the utilities provider’s stock after acquiring an additional 697 shares during the quarter. Mesirow Financial Investment Management Inc.’s holdings in Consolidated Edison were worth $953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Corient Private Wealth LLC increased its holdings in Consolidated Edison by 4.6% in the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after acquiring an additional 7,725 shares in the last quarter. UBS Group AG boosted its position in shares of Consolidated Edison by 14.7% in the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after purchasing an additional 62,519 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in shares of Consolidated Edison by 2,486.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock worth $1,977,000 after purchasing an additional 20,934 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Consolidated Edison by 35.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 47,466 shares of the utilities provider’s stock valued at $4,318,000 after purchasing an additional 12,307 shares during the period. Finally, Sei Investments Co. lifted its stake in shares of Consolidated Edison by 57.4% during the 1st quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after buying an additional 89,080 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

ED has been the topic of a number of recent analyst reports. Mizuho raised their price target on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Guggenheim lifted 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. Scotiabank upped their price target on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Bank of America increased their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $92.65.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $104.85 on Tuesday. The company’s 50-day moving average price is $99.06 and its 200-day moving average price is $94.28. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The company has a market cap of $36.26 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 3.50 and a beta of 0.36. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $105.99.

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

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Wednesday, August 14th were given a $0.83 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.17%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

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.