DRW Securities LLC Makes New $1.54 Million Investment in Consolidated Edison, Inc. (NYSE:ED)

DRW Securities LLC acquired a new position in Consolidated Edison, Inc. (NYSE:ED) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 14,762 shares of the utilities provider’s stock, valued at approximately $1,537,000.

A number of other large investors have also modified their holdings of ED. Daiwa Securities Group Inc. raised its position in shares of Consolidated Edison by 7.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 42,857 shares of the utilities provider’s stock worth $4,462,000 after purchasing an additional 3,096 shares during the last quarter. Summit Trail Advisors LLC raised its position in shares of Consolidated Edison by 7.1% during the 3rd quarter. Summit Trail Advisors LLC now owns 25,651 shares of the utilities provider’s stock worth $2,671,000 after purchasing an additional 1,700 shares during the last quarter. Borer Denton & Associates Inc. acquired a new position in shares of Consolidated Edison during the 3rd quarter worth about $206,000. Larson Financial Group LLC raised its position in shares of Consolidated Edison by 2,732.7% during the 3rd quarter. Larson Financial Group LLC now owns 4,249 shares of the utilities provider’s stock worth $442,000 after purchasing an additional 4,099 shares during the last quarter. Finally, Cerity Partners LLC raised its position in shares of Consolidated Edison by 17.5% during the 3rd quarter. Cerity Partners LLC now owns 77,323 shares of the utilities provider’s stock worth $8,052,000 after purchasing an additional 11,528 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $99.46 on Tuesday. The firm has a 50 day simple moving average of $101.91 and a 200-day simple moving average of $98.10. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock has a market cap of $34.45 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. On average, analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.34%. Consolidated Edison’s payout ratio is currently 62.52%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ED. Bank of America upped their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Guggenheim upped their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Finally, Morgan Stanley dropped their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $98.19.

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.