Investment Management Corp of Ontario Acquires 21,117 Shares of Consolidated Edison Inc $ED

Investment Management Corp of Ontario boosted its holdings in Consolidated Edison Inc (NYSE:ED) by 15.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 159,706 shares of the utilities provider’s stock after acquiring an additional 21,117 shares during the quarter. Investment Management Corp of Ontario’s holdings in Consolidated Edison were worth $16,026,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Capital Advisors Ltd. LLC boosted its holdings in shares of Consolidated Edison by 53.2% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 109 shares during the last quarter. Financial Network Wealth Advisors LLC bought a new position in Consolidated Edison in the first quarter worth approximately $33,000. Bogart Wealth LLC boosted its stake in shares of Consolidated Edison by 886.5% during the second quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 328 shares in the last quarter. SJS Investment Consulting Inc. raised its position in shares of Consolidated Edison by 1,677.3% in the 2nd quarter. SJS Investment Consulting Inc. now owns 391 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 369 shares in the last quarter. Finally, HFM Investment Advisors LLC purchased a new position in shares of Consolidated Edison in the 1st quarter worth approximately $52,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 1.2%

Shares of NYSE:ED opened at $95.41 on Tuesday. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87. The stock has a market cap of $34.44 billion, a P/E ratio of 16.68, a PEG ratio of 2.80 and a beta of 0.37. The business has a fifty day moving average of $99.50 and a two-hundred day moving average of $100.32. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 6th. The utilities provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.14. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.79%. During the same period in the previous year, the business posted $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. On average, research analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Wednesday, November 19th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, November 19th. Consolidated Edison’s payout ratio is currently 59.44%.

Wall Street Analyst Weigh In

A number of brokerages have commented on ED. New Street Research set a $106.00 price target on Consolidated Edison in a research report on Monday, October 6th. KeyCorp boosted their price objective on Consolidated Edison from $88.00 to $90.00 and gave the company an “underweight” rating in a research report on Wednesday, October 15th. Evercore ISI started coverage on Consolidated Edison in a research report on Tuesday, October 7th. They set an “in-line” rating and a $106.00 target price on the stock. Bank of America cut shares of Consolidated Edison from a “buy” rating to an “underperform” rating and dropped their price target for the company from $112.00 to $101.00 in a research note on Friday, August 15th. Finally, Morgan Stanley restated an “underweight” rating and set a $98.00 price objective on shares of Consolidated Edison in a research report on Thursday, November 20th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Consolidated Edison presently has a consensus rating of “Reduce” and a consensus target price of $104.58.

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.