Fairway Wealth LLC Invests $36,000 in Consolidated Edison, Inc. (NYSE:ED)

Fairway Wealth LLC bought a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 400 shares of the utilities provider’s stock, valued at approximately $36,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new position in shares of Consolidated Edison during the 3rd quarter worth approximately $776,000. JPMorgan Chase & Co. lifted its holdings in Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after acquiring an additional 82,985 shares during the last quarter. Hennessy Advisors Inc. lifted its holdings in 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 acquiring an additional 3,900 shares during the last quarter. Gateway Investment Advisers LLC lifted its holdings in Consolidated Edison by 102.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock valued at $38,394,000 after acquiring an additional 217,981 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its holdings in Consolidated Edison by 81.4% in the fourth quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock valued at $885,000 after acquiring an additional 4,451 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

NYSE:ED opened at $106.59 on Tuesday. The firm has a market capitalization of $36.96 billion, a PE ratio of 20.34, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. The business’s fifty day moving average price is $94.74 and its 200 day moving average price is $98.05. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. Consolidated Edison, Inc. has a 12 month low of $87.16 and a 12 month high of $107.97.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.97 by $0.01. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is 64.89%.

Wall Street Analyst Weigh In

ED has been the topic of a number of recent analyst reports. Mizuho upped their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Scotiabank boosted their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Barclays boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Finally, Morgan Stanley cut their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $101.50.

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.