Coann Capital LLC Invests $4.62 Million in Consolidated Edison, Inc. (NYSE:ED)

Coann Capital LLC acquired a new position in shares of Consolidated Edison, Inc. (NYSE:ED) during the 1st quarter, Holdings Channel reports. The fund acquired 61,751 shares of the utilities provider’s stock, valued at approximately $4,619,000. Consolidated Edison comprises approximately 3.9% of Coann Capital LLC’s investment portfolio, making the stock its 12th largest position.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC increased its position in shares of Consolidated Edison by 3.8% during the 1st quarter. FMR LLC now owns 181,081 shares of the utilities provider’s stock valued at $15,357,000 after purchasing an additional 6,640 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Consolidated Edison by 8.3% during the 4th quarter. Victory Capital Management Inc. now owns 372,218 shares of the utilities provider’s stock valued at $26,900,000 after purchasing an additional 28,474 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Consolidated Edison by 8.5% during the 4th quarter. Parallel Advisors LLC now owns 2,605 shares of the utilities provider’s stock valued at $188,000 after purchasing an additional 205 shares during the last quarter. Valmark Advisers Inc. bought a new position in shares of Consolidated Edison during the 4th quarter valued at approximately $206,000. Finally, Winslow Evans & Crocker Inc. increased its position in shares of Consolidated Edison by 90.1% during the 4th quarter. Winslow Evans & Crocker Inc. now owns 2,773 shares of the utilities provider’s stock valued at $200,000 after purchasing an additional 1,314 shares during the last quarter. 60.71% of the stock is currently owned by institutional investors and hedge funds.

Shares of ED stock traded up $0.06 during mid-day trading on Friday, hitting $77.10. The stock had a trading volume of 11,944 shares, compared to its average volume of 2,448,968. Consolidated Edison, Inc. has a 12-month low of $65.56 and a 12-month high of $83.92. The firm has a market capitalization of $26.43 billion, a price-to-earnings ratio of 22.73, a P/E/G ratio of 9.12 and a beta of 0.16. The stock has a 50-day moving average of $77.32. The company has a quick ratio of 0.65, a current ratio of 0.70 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 6th. The utilities provider reported $1.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.08. Consolidated Edison had a return on equity of 7.64% and a net margin of 9.02%. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.45 billion. During the same period in the prior year, the business earned $1.35 EPS. Sell-side analysts predict that Consolidated Edison, Inc. will post 4.24 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Wednesday, May 19th will be paid a dividend of $0.775 per share. This represents a $3.10 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date is Tuesday, May 18th. Consolidated Edison’s dividend payout ratio (DPR) is currently 74.16%.

Several research firms have recently weighed in on ED. Barclays boosted their target price on Consolidated Edison from $69.00 to $75.00 and gave the company an “underweight” rating in a research report on Tuesday, May 25th. Morgan Stanley cut their target price on Consolidated Edison from $73.00 to $72.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 18th. Credit Suisse Group upped their price objective on Consolidated Edison from $65.00 to $74.00 and gave the company an “underperform” rating in a research report on Thursday, April 29th. Finally, TheStreet raised Consolidated Edison from a “c” rating to a “b-” rating in a research report on Thursday, April 22nd. Six research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Consolidated Edison has an average rating of “Hold” and a consensus price target of $75.50.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,576 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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