MARSHALL WACE ASIA Ltd purchased a new stake in Consolidated Edison, Inc. (NYSE:ED) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 57,210 shares of the utilities provider’s stock, valued at approximately $4,359,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in ED. Carnegie Capital Asset Management LLC boosted its holdings in Consolidated Edison by 83.0% in the 3rd quarter. Carnegie Capital Asset Management LLC now owns 6,598 shares of the utilities provider’s stock valued at $505,000 after purchasing an additional 2,993 shares during the period. Vanguard Group Inc. boosted its holdings in Consolidated Edison by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 23,911,264 shares of the utilities provider’s stock valued at $1,821,799,000 after purchasing an additional 356,339 shares during the period. Legal & General Group Plc boosted its holdings in Consolidated Edison by 9.1% in the 3rd quarter. Legal & General Group Plc now owns 3,543,862 shares of the utilities provider’s stock valued at $269,955,000 after purchasing an additional 296,813 shares during the period. Kentucky Retirement Systems bought a new stake in Consolidated Edison in the 3rd quarter valued at about $1,337,000. Finally, Captrust Financial Advisors boosted its holdings in Consolidated Edison by 3,164.5% in the 3rd quarter. Captrust Financial Advisors now owns 5,419 shares of the utilities provider’s stock valued at $413,000 after purchasing an additional 5,253 shares during the period. Institutional investors and hedge funds own 58.03% of the company’s stock.
A number of analysts have issued reports on the stock. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a report on Wednesday. Barclays upped their price target on shares of Consolidated Edison from $79.00 to $83.00 and gave the stock a “hold” rating in a report on Monday, November 19th. Goldman Sachs Group raised shares of Consolidated Edison from a “sell” rating to a “neutral” rating and upped their price target for the stock from $72.00 to $73.00 in a report on Monday, November 5th. Bank of America cut their price target on shares of Consolidated Edison from $87.00 to $83.00 and set a “buy” rating for the company in a report on Friday, November 2nd. Finally, Citigroup upped their price target on shares of Consolidated Edison from $79.00 to $80.00 and gave the stock a “neutral” rating in a report on Tuesday, October 16th. Four research 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 stock presently has a consensus rating of “Hold” and a consensus price target of $77.36.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 1st. The utilities provider reported $1.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.46 by $0.11. The business had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.17 billion. Consolidated Edison had a net margin of 12.60% and a return on equity of 8.64%. During the same quarter in the prior year, the firm earned $1.47 EPS. Research analysts forecast that Consolidated Edison, Inc. will post 4.29 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Wednesday, November 14th will be paid a $0.715 dividend. This represents a $2.86 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Tuesday, November 13th. Consolidated Edison’s payout ratio is 69.93%.
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About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,600 customers in parts of Manhattan.
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