Hedge Funds Are Clamoring for Consolidated Edison, Inc. (ED)

Now, key hedge funds have been driving this bullishness. Adage Capital Management created the biggest position in Consolidated Edison, Inc. (NYSE:ED). Adage Capital Management had $33.4 million invested in the company at the end of the quarter. Millennium Management also made a $20 million investment in the stock during the quarter. The other funds with brand new ED positions are David Harding’s Winton Capital Management, Ken Griffin’s Citadel Investment Group, and Jim Simons’ Renaissance Technologies.

Let’s also examine hedge fund activity in other stocks similar to Consolidated Edison, Inc. (NYSE:ED). We will take a look at Public Service Enterprise Group Inc. (NYSE:PEG), Zoetis Inc (NYSE:ZTS), Luxottica Group SpA (ADR) (NYSE:LUX), and Charter Communications, Inc. (NASDAQ:CHTR). This group of stocks’ market valuations are closest to ED’s market valuation.

As you can see these stocks had an average of 44.75 hedge funds with bullish positions and the average amount invested in these stocks was $5.34 billion. That figure was $513 million in ED’s case. Charter Communications, Inc. (NASDAQ:CHTR) is the most popular stock in this table. On the other hand Luxottica Group SpA (ADR) (NYSE:LUX) is the least popular one with only 3 bullish hedge fund positions. Consolidated Edison, Inc. (NYSE:ED) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CHTR might be a better candidate to consider a long position in.

Disclosure: None