Rafferty Asset Management LLC bought a new position in shares of Consolidated Edison Inc (NYSE:ED) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 58,546 shares of the utilities provider’s stock, valued at approximately $4,732,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of ED. Armbruster Capital Management Inc. increased its stake in shares of Consolidated Edison by 127.3% in the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after buying an additional 700 shares during the last quarter. Stuart Chaussee & Associates Inc. increased its stake in shares of Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock worth $106,000 after buying an additional 795 shares during the last quarter. Oakworth Capital Inc. increased its stake in shares of Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after buying an additional 137 shares during the last quarter. Enterprise Financial Services Corp increased its stake in shares of Consolidated Edison by 6.0% in the second quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock worth $133,000 after buying an additional 93 shares during the last quarter. Finally, Cypress Capital Management LLC WY increased its stake in shares of 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 worth $143,000 after buying an additional 1,475 shares during the last quarter. 55.06% of the stock is currently owned by institutional investors and hedge funds.
Consolidated Edison Inc (NYSE ED) traded down 0.30% during mid-day trading on Tuesday, reaching $83.32. 215,988 shares of the company’s stock traded hands. The stock has a market capitalization of $25.47 billion, a PE ratio of 20.16 and a beta of 0.09. Consolidated Edison Inc has a 12 month low of $68.76 and a 12 month high of $86.16. The firm’s 50-day moving average price is $83.84 and its 200 day moving average price is $81.09.
Consolidated Edison (NYSE:ED) last issued 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). The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter in the previous year, the company posted $0.60 earnings per share. Equities research analysts predict that Consolidated Edison Inc will post $4.09 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were paid a $0.69 dividend. 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 3.30%. Consolidated Edison’s payout ratio is 66.67%.
In related news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was 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 directly owns 24,017 shares in the company, valued at $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 471 shares of company stock valued at $39,202 over the last 90 days. 0.20% of the stock is currently owned by corporate insiders.
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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 note on Tuesday, September 12th. BidaskClub upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Finally, Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and dropped their price target for the stock from $88.00 to $83.50 in a research note on Tuesday, June 13th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $77.88.
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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