Norinchukin Bank The increased its holdings in Consolidated Edison Inc (NYSE:ED) by 6.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,191 shares of the utilities provider’s stock after buying an additional 1,367 shares during the quarter. Norinchukin Bank The’s holdings in Consolidated Edison were worth $1,713,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the stock. Fiera Capital Corp lifted its position in Consolidated Edison by 0.3% in the second quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock worth $395,000 after purchasing an additional 13 shares during the period. Sabal Trust CO lifted its position in Consolidated Edison by 0.6% in the second quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock worth $219,000 after purchasing an additional 15 shares during the period. Teacher Retirement System of Texas lifted its position in Consolidated Edison by 0.6% in the second quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after purchasing an additional 18 shares during the period. Financial Architects Inc lifted its position in Consolidated Edison by 0.6% in the second quarter. Financial Architects Inc now owns 3,378 shares of the utilities provider’s stock worth $273,000 after purchasing an additional 19 shares during the period. Finally, Cleararc Capital Inc. lifted its position in Consolidated Edison by 0.3% in the first quarter. Cleararc Capital Inc. now owns 7,446 shares of the utilities provider’s stock worth $578,000 after purchasing an additional 21 shares during the period. 55.09% of the stock is owned by institutional investors and hedge funds.
Shares of Consolidated Edison Inc (NYSE:ED) opened at 84.44 on Friday. Consolidated Edison Inc has a 12-month low of $68.76 and a 12-month high of $86.16. The stock has a 50 day moving average price of $83.81 and a 200-day moving average price of $80.98. The stock has a market cap of $25.81 billion, a price-to-earnings ratio of 20.43 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the firm posted $0.60 EPS. Equities analysts anticipate that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.27%. Consolidated Edison’s dividend payout ratio is 66.67%.
A number of equities research analysts have weighed in on the company. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley upped their target price on Consolidated Edison from $78.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, September 8th. Jefferies Group LLC restated a “hold” rating and issued a $83.50 target price on shares of Consolidated Edison in a research report on Thursday, August 31st. Finally, BidaskClub downgraded Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $77.88.
In other news, CEO Joseph P. Oates sold 1,908 shares of Consolidated Edison stock in a transaction 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 SEC, which is available at the SEC website. Over the last three months, insiders have bought 471 shares of company stock worth $39,202. Insiders own 0.20% of the company’s stock.
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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