KLP Kapitalforvaltning AS Invests $40.43 Million in Consolidated Edison, Inc. (NYSE:ED)

KLP Kapitalforvaltning AS bought a new stake in Consolidated Edison, Inc. (NYSE:ED) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 453,065 shares of the utilities provider’s stock, valued at approximately $40,427,000. KLP Kapitalforvaltning AS owned about 0.13% of Consolidated Edison at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Point72 Asset Management L.P. increased its holdings in shares of Consolidated Edison by 1,766.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after purchasing an additional 935,962 shares in the last quarter. Burkehill Global Management LP bought a new stake in shares of Consolidated Edison in the 4th quarter worth $53,538,000. FMR LLC increased its holdings in shares of Consolidated Edison by 82.3% in the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after purchasing an additional 572,530 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of Consolidated Edison by 350.6% in the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock worth $64,634,000 after purchasing an additional 482,953 shares in the last quarter. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of Consolidated Edison in the 4th quarter worth $42,916,000. Institutional investors own 66.29% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the subject of several recent research reports. Mizuho boosted their price target on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Morgan Stanley raised their target price on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research note on Thursday. UBS Group upped their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Scotiabank raised their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Finally, Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $102.40.

Consolidated Edison Trading Down 0.6 %

Shares of Consolidated Edison stock opened at $107.85 on Friday. Consolidated Edison, Inc. has a 1 year low of $87.16 and a 1 year high of $109.36. 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 firm has a fifty day moving average price of $97.91 and a 200 day moving average price of $98.44. The stock has a market cap of $37.40 billion, a PE ratio of 20.58, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. Equities research analysts predict that Consolidated Edison, Inc. will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.15%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s payout ratio is 64.89%.

About Consolidated Edison

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.