Forte Capital LLC ADV Boosts Stock Position in Consolidated Edison, Inc. (NYSE:ED)

Forte Capital LLC ADV lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 7.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 20,328 shares of the utilities provider’s stock after buying an additional 1,322 shares during the quarter. Forte Capital LLC ADV’s holdings in Consolidated Edison were worth $1,849,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Newport Trust Company LLC acquired a new stake in Consolidated Edison during the third quarter valued at approximately $51,134,000. International Assets Investment Management LLC lifted its stake in Consolidated Edison by 9,063.6% during the fourth quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after purchasing an additional 513,364 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new position in Consolidated Edison in the third quarter worth $39,556,000. Northern Trust Corp increased its stake in Consolidated Edison by 8.2% during the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock valued at $383,519,000 after purchasing an additional 340,239 shares during the last quarter. Finally, QRG Capital Management Inc. bought a new stake in Consolidated Edison during the third quarter valued at $28,156,000. Institutional investors own 66.29% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on ED. Barclays lifted their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. UBS Group decreased their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Scotiabank dropped their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Wells Fargo & Company raised their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Royal Bank of Canada lowered their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $87.75.

Consolidated Edison Price Performance

Consolidated Edison stock traded up $0.31 during trading hours on Friday, hitting $95.56. 2,465,195 shares of the company traded hands, compared to its average volume of 2,284,421. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.44. The firm has a market cap of $33.02 billion, a P/E ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34. The firm’s 50-day simple moving average is $90.21 and its two-hundred day simple moving average is $90.13. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter last year, the business earned $1.83 earnings per share. As a group, analysts forecast that Consolidated Edison, Inc. will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is currently 63.72%.

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.