Grandview Asset Management LLC Makes New $208,000 Investment in Consolidated Edison, Inc. (NYSE:ED)

Grandview Asset Management LLC acquired a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,336 shares of the utilities provider’s stock, valued at approximately $208,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ED. Wilmington Savings Fund Society FSB acquired a new position in Consolidated Edison during the third quarter valued at approximately $776,000. Pathway Financial Advisers LLC lifted its holdings in shares of Consolidated Edison by 10,302.6% during the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock valued at $2,546,000 after acquiring an additional 24,211 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Consolidated Edison by 4.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after purchasing an additional 82,985 shares during the period. National Pension Service increased its holdings in Consolidated Edison by 7.0% in the 3rd quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock valued at $48,792,000 after purchasing an additional 30,838 shares in the last quarter. Finally, Brophy Wealth Management LLC purchased a new position in Consolidated Edison in the third quarter valued at about $521,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. UBS Group increased their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price target for the company from $90.00 to $100.00 in a report on Thursday, December 12th. Finally, Morgan Stanley cut their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $100.64.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $88.38 on Tuesday. The firm has a market cap of $30.62 billion, a PE ratio of 16.64, a price-to-earnings-growth ratio of 3.11 and a beta of 0.38. Consolidated Edison, Inc. has a 1 year low of $85.85 and a 1 year high of $107.75. The firm’s 50-day simple moving average is $93.93 and its 200-day simple moving average is $97.90. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. Equities analysts forecast that Consolidated Edison, Inc. will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Consolidated Edison Company Profile

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.