Mitchell Mcleod Pugh & Williams Inc. Invests $211,000 in Consolidated Edison, Inc. (NYSE:ED)

Mitchell Mcleod Pugh & Williams Inc. acquired a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,025 shares of the utilities provider’s stock, valued at approximately $211,000.

Several other institutional investors have also added to or reduced their stakes in the company. ProShare Advisors LLC boosted its stake in shares of Consolidated Edison by 6.6% in the 1st quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after purchasing an additional 123,654 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Consolidated Edison by 0.8% during the second quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after buying an additional 11,785 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Consolidated Edison by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after buying an additional 125,859 shares in the last quarter. Clean Energy Transition LLP lifted its stake in shares of Consolidated Edison by 227.9% in the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Consolidated Edison by 5.5% during the 2nd quarter. AQR Capital Management LLC now owns 709,713 shares of the utilities provider’s stock valued at $63,413,000 after acquiring an additional 36,991 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Consolidated Edison Stock Performance

Shares of ED opened at $98.13 on Monday. Consolidated Edison, Inc. has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The stock has a 50 day moving average price of $103.35 and a two-hundred day moving average price of $97.92. The firm has a market capitalization of $33.97 billion, a P/E ratio of 19.09, a P/E/G ratio of 3.34 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Equities analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.38%. Consolidated Edison’s dividend payout ratio is currently 64.59%.

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.