Polymer Capital Management US LLC Purchases New Position in Consolidated Edison, Inc. (NYSE:ED)

Polymer Capital Management US LLC bought a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 8,898 shares of the utilities provider’s stock, valued at approximately $794,000.

Several other institutional investors have also modified their holdings of the business. Wilmington Savings Fund Society FSB acquired a new position in Consolidated Edison in the 3rd quarter worth $776,000. JPMorgan Chase & Co. raised its stake in shares of 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 in the last quarter. Hennessy Advisors Inc. grew its stake in shares of Consolidated Edison by 2.8% in the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock valued at $12,772,000 after buying an additional 3,900 shares in the last quarter. Gateway Investment Advisers LLC increased its holdings in Consolidated Edison by 102.7% during the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock worth $38,394,000 after buying an additional 217,981 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in Consolidated Edison by 81.4% during the fourth quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock worth $885,000 after buying an additional 4,451 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 2.8 %

ED opened at $109.53 on Monday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a fifty day moving average of $101.43 and a 200-day moving average of $98.70. Consolidated Edison, Inc. has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The company has a market capitalization of $39.45 billion, a P/E ratio of 20.90, a P/E/G ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. On average, equities analysts expect that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.10%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

Analysts Set New Price Targets

ED has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday, March 20th. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. UBS Group raised their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Barclays boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Finally, Scotiabank raised their price target on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $102.40.

Consolidated Edison 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.