Lebenthal Global Advisors LLC Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

by · The Markets Daily

Lebenthal Global Advisors LLC purchased a new stake in Consolidated Edison, Inc. (NYSE:ED – Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,008 shares of the utilities provider’s stock, valued at approximately $209,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Retirement Planning Co of New England Inc. increased its stake in shares of Consolidated Edison by 4.2% in the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock valued at $224,000 after acquiring an additional 100 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in shares of Consolidated Edison by 13.0% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock valued at $78,000 after acquiring an additional 100 shares during the last quarter. Brookstone Capital Management increased its stake in shares of Consolidated Edison by 0.6% in the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after acquiring an additional 136 shares during the last quarter. Checchi Capital Advisers LLC increased its stake in shares of Consolidated Edison by 2.6% in the 2nd quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock valued at $503,000 after acquiring an additional 141 shares during the last quarter. Finally, Center For Asset Management LLC grew its position in shares of Consolidated Edison by 3.5% in the 2nd quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock valued at $390,000 after purchasing an additional 147 shares during the period. 66.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ED has been the subject of several research analyst reports. Wells Fargo & Company boosted their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Bank of America boosted their price objective on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. UBS Group boosted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Guggenheim boosted their price objective on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $98.73.

Check Out Our Latest Analysis on Consolidated Edison

Consolidated Edison Trading Down 1.7 %

NYSE:ED opened at $100.00 on Friday. Consolidated Edison, Inc. has a twelve month low of $85.85 and a twelve month high of $107.75. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The business has a 50 day moving average price of $103.54 and a two-hundred day moving average price of $97.61. The company has a market cap of $34.62 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 3.47 and a beta of 0.36.

Consolidated Edison (NYSE:ED – Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter in the prior year, the firm posted $0.61 EPS. As a group, analysts expect that Consolidated Edison, Inc. will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s payout ratio is presently 64.59%.

About Consolidated Edison

(Free Report)

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.

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