F3Logic LLC Acquires New Position in Consolidated Edison, Inc. (ED)

F3Logic LLC acquired a new stake in shares of Consolidated Edison, Inc. (NYSE:ED) in the first quarter, HoldingsChannel reports. The fund acquired 17,922 shares of the utilities provider’s stock, valued at approximately $1,548,000.

A number of other hedge funds have also recently bought and sold shares of ED. Field & Main Bank acquired a new position in shares of Consolidated Edison in the 1st quarter valued at about $30,000. Financial Gravity Companies Inc. acquired a new position in Consolidated Edison in the fourth quarter worth approximately $28,000. Financial Gravity Wealth Inc. acquired a new position in Consolidated Edison in the first quarter worth approximately $32,000. Sontag Advisory LLC acquired a new position in Consolidated Edison in the fourth quarter worth approximately $30,000. Finally, Orrstown Financial Services Inc. acquired a new position in Consolidated Edison in the fourth quarter worth approximately $31,000. 59.86% of the stock is owned by institutional investors.

Shares of ED stock opened at $84.90 on Thursday. Consolidated Edison, Inc. has a 12 month low of $71.12 and a 12 month high of $86.50. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.54 and a current ratio of 0.60. The company has a market cap of $27.82 billion, a price-to-earnings ratio of 19.65, a P/E/G ratio of 9.89 and a beta of 0.13.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.35 by $0.04. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. The company had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter last year, the company posted $1.38 earnings per share. On average, sell-side analysts anticipate that Consolidated Edison, Inc. will post 4.35 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.96 annualized dividend and a yield of 3.49%. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.

A number of equities analysts recently commented on the company. ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a report on Monday. Credit Suisse Group set a $80.00 price objective on Consolidated Edison and gave the stock a “sell” rating in a report on Monday, April 22nd. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Monday, February 25th. Bank of America upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Finally, Morgan Stanley increased their price objective on Consolidated Edison from $78.00 to $81.00 and gave the stock an “underweight” rating in a report on Tuesday, February 12th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $78.42.

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Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in 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 1,622 customers in parts of Manhattan.

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

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