Traders Buy Consolidated Edison Inc (ED) on Weakness

Investors purchased shares of Consolidated Edison Inc (NYSE:ED) on weakness during trading hours on Monday. $41.51 million flowed into the stock on the tick-up and $13.49 million flowed out of the stock on the tick-down, for a money net flow of $28.02 million into the stock. Of all companies tracked, Consolidated Edison had the 29th highest net in-flow for the day. Consolidated Edison traded down ($0.07) for the day and closed at $81.49

A number of brokerages recently issued reports on ED. Zacks Investment Research lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. BidaskClub upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Evercore ISI lowered shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 target price on the stock. in a research report on Tuesday, September 26th. Finally, Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and decreased their target price for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $77.77.

The firm’s 50-day moving average price is $83.26 and its 200 day moving average price is $81.55. The company has a market cap of $24.91 billion, a P/E ratio of 19.72 and a beta of 0.09.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 EPS 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 for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the previous year, the firm posted $0.60 earnings per share. Equities research analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date was Monday, August 14th. Consolidated Edison’s payout ratio is presently 66.67%.

In related 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 transaction of $160,023.96. Following the transaction, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have purchased 158 shares of company stock worth $13,022 over the last ninety days. 0.20% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Girard Partners LTD. grew its position in Consolidated Edison by 91.9% during the second quarter. Girard Partners LTD. now owns 5,578 shares of the utilities provider’s stock valued at $451,000 after purchasing an additional 2,671 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Consolidated Edison by 1.8% in the second quarter. PNC Financial Services Group Inc. now owns 560,190 shares of the utilities provider’s stock worth $45,274,000 after acquiring an additional 9,825 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Consolidated Edison by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 604,894 shares of the utilities provider’s stock worth $46,977,000 after acquiring an additional 15,382 shares in the last quarter. Dai Ichi Life Insurance Company Ltd grew its position in Consolidated Edison by 16.4% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 63,364 shares of the utilities provider’s stock worth $4,921,000 after acquiring an additional 8,918 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in Consolidated Edison by 0.5% in the second quarter. Prudential Financial Inc. now owns 448,998 shares of the utilities provider’s stock worth $36,288,000 after acquiring an additional 2,322 shares in the last quarter. 55.06% of the stock is currently owned by hedge funds and other institutional investors.

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Consolidated Edison Company 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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