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

Coann Capital LLC bought a new position in Consolidated Edison, Inc. (NYSE:ED) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 61,751 shares of the utilities provider’s stock, valued at approximately $4,619,000. Consolidated Edison makes up 3.9% of Coann Capital LLC’s portfolio, making the stock its 12th biggest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ED. West Financial Advisors LLC purchased a new position in shares of Consolidated Edison in the 4th quarter worth about $29,000. Financial Avengers Inc. purchased a new stake in Consolidated Edison during the fourth quarter valued at about $30,000. Retirement Group LLC purchased a new stake in Consolidated Edison during the fourth quarter valued at about $32,000. SRS Capital Advisors Inc. purchased a new stake in Consolidated Edison during the fourth quarter valued at about $32,000. Finally, TCI Wealth Advisors Inc. lifted its holdings in Consolidated Edison by 44.3% during the first quarter. TCI Wealth Advisors Inc. now owns 482 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 60.71% of the company’s stock.

NYSE ED traded up $0.06 on Friday, reaching $77.10. 11,944 shares of the company’s stock traded hands, compared to its average volume of 2,448,968. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 1.07. Consolidated Edison, Inc. has a 12 month low of $65.56 and a 12 month high of $83.92. The firm has a market cap of $26.43 billion, a PE ratio of 22.73, a PEG ratio of 9.12 and a beta of 0.16. The stock has a 50-day moving average price of $77.32.

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

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 15th. Stockholders of record on Wednesday, May 19th will be issued a $0.775 dividend. This represents a $3.10 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Tuesday, May 18th. Consolidated Edison’s dividend payout ratio is 74.16%.

A number of equities research analysts have recently issued reports on the stock. Barclays increased their price target on shares of Consolidated Edison from $69.00 to $75.00 and gave the stock an “underweight” rating in a report on Tuesday, May 25th. TheStreet raised shares of Consolidated Edison from a “c” rating to a “b-” rating in a report on Thursday, April 22nd. Credit Suisse Group upped their price objective on shares of Consolidated Edison from $65.00 to $74.00 and gave the stock an “underperform” rating in a research report on Thursday, April 29th. Finally, Morgan Stanley decreased their price objective on shares of Consolidated Edison from $73.00 to $72.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 18th. Six analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $75.50.

About Consolidated Edison

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.

Further Reading: How to find the components of the quick ratio

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

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