QRG Capital Management Inc. Boosts Stock Holdings in Consolidated Edison, Inc. (NYSE:ED)

QRG Capital Management Inc. grew its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 352,822 shares of the utilities provider’s stock after acquiring an additional 9,585 shares during the period. QRG Capital Management Inc.’s holdings in Consolidated Edison were worth $36,739,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Beacon Capital Management LLC increased its stake in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares in the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison during the 1st quarter valued at $33,000. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison during the 2nd quarter valued at $33,000. Versant Capital Management Inc lifted its holdings in shares of Consolidated Edison by 380.2% during the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 327 shares in the last quarter. Finally, ESL Trust Services LLC acquired a new position in Consolidated Edison in the 1st quarter worth $54,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on ED shares. Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Morgan Stanley boosted their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. UBS Group upped their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Scotiabank upped their target price 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, Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their target price for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $98.73.

Consolidated Edison Trading Down 0.1 %

Shares of NYSE:ED traded down $0.14 during mid-day trading on Monday, hitting $99.86. The stock had a trading volume of 62,050 shares, compared to its average volume of 1,832,642. 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 company has a market cap of $34.57 billion, a PE ratio of 19.46, a P/E/G ratio of 3.43 and a beta of 0.36. Consolidated Edison, Inc. has a 12-month low of $85.85 and a 12-month high of $107.75. The company’s 50 day moving average is $103.54 and its 200-day moving average is $97.73.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter in the prior year, the firm earned $0.61 EPS. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Dividend Announcement

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

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.