SummitTX Capital L.P. Acquires New Shares in Consolidated Edison Inc $ED

SummitTX Capital L.P. bought a new stake in shares of Consolidated Edison Inc (NYSE:ED) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 60,731 shares of the utilities provider’s stock, valued at approximately $6,874,000.

Other institutional investors have also recently made changes to their positions in the company. GW&K Investment Management LLC grew its position in shares of Consolidated Edison by 28.5% in the fourth quarter. GW&K Investment Management LLC now owns 419 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 93 shares in the last quarter. bLong Financial LLC lifted its holdings in Consolidated Edison by 1.3% during the 4th quarter. bLong Financial LLC now owns 7,775 shares of the utilities provider’s stock worth $772,000 after purchasing an additional 100 shares in the last quarter. Sachetta LLC lifted its holdings in Consolidated Edison by 72.9% during the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 102 shares in the last quarter. Bridgewater Advisors Inc. boosted its stake in Consolidated Edison by 1.6% in the 4th quarter. Bridgewater Advisors Inc. now owns 6,635 shares of the utilities provider’s stock worth $689,000 after purchasing an additional 105 shares during the period. Finally, Frank Rimerman Advisors LLC boosted its stake in Consolidated Edison by 1.3% in the 1st quarter. Frank Rimerman Advisors LLC now owns 8,275 shares of the utilities provider’s stock worth $937,000 after purchasing an additional 105 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

NYSE:ED opened at $111.50 on Tuesday. The firm has a market capitalization of $41.09 billion, a price-to-earnings ratio of 18.77, a P/E/G ratio of 2.93 and a beta of 0.27. Consolidated Edison Inc has a 52-week low of $94.96 and a 52-week high of $116.23. The stock has a fifty day moving average of $109.14 and a 200 day moving average of $109.17. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.2%. Consolidated Edison’s dividend payout ratio (DPR) is presently 59.76%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Wells Fargo & Company set a $98.00 target price on Consolidated Edison in a report on Tuesday, April 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Consolidated Edison in a report on Tuesday, July 21st. The Goldman Sachs Group restated a “sell” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research report on Thursday, May 14th. KeyCorp reduced their price objective on shares of Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a research note on Thursday, July 23rd. Finally, Mizuho set a $114.00 target price on shares of Consolidated Edison in a report on Monday. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $108.47.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.