Ironwood Investment Counsel LLC Invests $247,000 in Consolidated Edison, Inc. (NYSE:ED)

Ironwood Investment Counsel LLC purchased a new position in Consolidated Edison, Inc. (NYSE:ED) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,375 shares of the utilities provider’s stock, valued at approximately $247,000.

Several other institutional investors have also recently made changes to their positions in the company. Capital Performance Advisors LLP bought a new position in Consolidated Edison in the third quarter valued at $27,000. Ashton Thomas Securities LLC bought a new position in Consolidated Edison in the third quarter valued at $30,000. TruNorth Capital Management LLC bought a new position in Consolidated Edison in the second quarter valued at $33,000. Versant Capital Management Inc increased its stake in Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 327 shares during the last quarter. Finally, Cultivar Capital Inc. bought a new position in Consolidated Edison in the second quarter valued at $54,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $100.59 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The firm has a 50-day moving average of $101.75 and a 200-day moving average of $98.21. The firm has a market cap of $34.85 billion, a P/E ratio of 18.94, a P/E/G ratio of 3.41 and a beta of 0.36. Consolidated Edison, Inc. has a 1-year low of $85.85 and a 1-year high of $107.75.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Sell-side analysts expect that Consolidated Edison, Inc. will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.30%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of research analyst reports. UBS Group increased their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Bank of America upped their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Barclays cut their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Finally, Morgan Stanley cut their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $99.13.

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.