Hartford Investment Management Co. lowered its stake in shares of Consolidated Edison Inc (NYSE:ED) by 0.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 84,911 shares of the utilities provider’s stock after selling 535 shares during the period. Hartford Investment Management Co.’s holdings in Consolidated Edison were worth $6,863,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Stuart Chaussee & Associates Inc. boosted its position in Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares during the period. Tompkins Financial Corp acquired a new position in Consolidated Edison during the first quarter valued at $118,000. Enterprise Financial Services Corp boosted its position in Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock valued at $121,000 after buying an additional 38 shares during the period. Atwood & Palmer Inc. boosted its position in Consolidated Edison by 195.8% in the first quarter. Atwood & Palmer Inc. now owns 1,813 shares of the utilities provider’s stock valued at $141,000 after buying an additional 1,200 shares during the period. Finally, Cypress Capital Management LLC WY boosted its position in Consolidated Edison by 491.7% in the second quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock valued at $143,000 after buying an additional 1,475 shares during the period. Institutional investors and hedge funds own 54.90% of the company’s stock.
Consolidated Edison Inc (ED) opened at 83.44 on Thursday. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.13. The firm’s 50 day moving average price is $81.97 and its 200 day moving average price is $79.55. The firm has a market cap of $25.51 billion, a price-to-earnings ratio of 20.19 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the business earned $0.60 EPS. Equities research analysts anticipate that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be issued a $0.69 dividend. The ex-dividend date is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.31%. Consolidated Edison’s dividend payout ratio is presently 66.67%.
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Several equities analysts have recently weighed in on ED shares. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $92.00 price objective on the stock in a report on Friday, May 26th. BidaskClub cut Consolidated Edison from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Barclays PLC reiterated an “equal weight” rating and set a $82.00 price objective (up previously from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. BMO Capital Markets reiterated a “hold” rating and set a $80.00 price objective on shares of Consolidated Edison in a report on Monday, May 15th. Finally, Jefferies Group LLC cut Consolidated Edison from a “buy” rating to a “hold” rating and cut their target price for the company from $88.00 to $83.50 in a research note on Tuesday, June 13th. Five research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $76.96.
About Consolidated Edison
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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