Edgestream Partners L.P. lowered its stake in Consolidated Edison Inc (NYSE:ED) by 29.5% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,370 shares of the utilities provider’s stock after selling 2,671 shares during the period. Edgestream Partners L.P.’s holdings in Consolidated Edison were worth $515,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Consolidated Edison by 1,771.1% during the 1st quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after purchasing an additional 22,816,233 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Consolidated Edison by 34.1% during the 1st quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock valued at $270,138,000 after buying an additional 884,788 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Consolidated Edison by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after buying an additional 725,857 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Consolidated Edison by 145.9% during the 1st quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after buying an additional 699,200 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of Consolidated Edison by 28.0% during the 1st quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock valued at $230,778,000 after buying an additional 649,615 shares during the period. Institutional investors own 55.06% of the company’s stock.
A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $92.00 price target for the company in a research note on Friday. BidaskClub upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Jefferies Group LLC lowered Consolidated Edison from a “buy” rating to a “hold” rating and cut their price target for the stock from $88.00 to $83.50 in a research note on Tuesday, June 13th. Finally, Morgan Stanley increased their price target on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a research note on Thursday, August 10th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $77.63.
Consolidated Edison Inc (ED) opened at 81.59 on Friday. The stock has a market cap of $24.94 billion, a price-to-earnings ratio of 19.74 and a beta of 0.09. The company has a 50-day moving average price of $83.85 and a 200 day moving average price of $81.13. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $86.16.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same quarter in the previous year, the firm posted $0.60 EPS. On average, analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Monday, August 14th. Consolidated Edison’s dividend payout ratio is presently 66.67%.
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In other news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the transaction, the chief executive officer now owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders bought 471 shares of company stock valued at $39,202. Company insiders own 0.20% of the company’s stock.
Consolidated Edison Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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