Syon Capital LLC Increases Holdings in Consolidated Edison, Inc. (NYSE:ED)

Syon Capital LLC increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 5,954 shares of the utilities provider’s stock after acquiring an additional 136 shares during the period. Syon Capital LLC’s holdings in Consolidated Edison were worth $542,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. grew its position in shares of Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Consolidated Edison during the 4th quarter valued at about $29,000. Bruce G. Allen Investments LLC bought a new position in shares of Consolidated Edison in the 4th quarter valued at about $31,000. CVA Family Office LLC bought a new position in shares of Consolidated Edison in the 4th quarter valued at about $32,000. Finally, Venturi Wealth Management LLC grew its position in Consolidated Edison by 62.2% in the third quarter. Venturi Wealth Management LLC now owns 477 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 183 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

ED stock opened at $92.95 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.44. The business has a 50-day moving average price of $89.52 and a 200 day moving average price of $89.90. The company has a market capitalization of $32.12 billion, a P/E ratio of 12.95, a PEG ratio of 8.86 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The company’s revenue was down 14.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. As a group, equities research analysts forecast that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s payout ratio is 46.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ED shares. LADENBURG THALM/SH SH started coverage on Consolidated Edison in a research report on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price objective on the stock. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a report on Thursday, January 4th. Barclays lifted their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. UBS Group reduced their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Finally, Royal Bank of Canada cut their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $87.54.

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.