Capstone Asset Management Co. decreased its stake in Consolidated Edison Inc (NYSE:ED) by 2.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,797 shares of the utilities provider’s stock after selling 1,090 shares during the period. Capstone Asset Management Co.’s holdings in Consolidated Edison were worth $3,216,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in ED. Ameriprise Financial Inc. increased its position in shares of Consolidated Edison by 3.8% in the first quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock worth $16,770,000 after buying an additional 8,002 shares in the last quarter. Teachers Advisors LLC increased its position in shares of Consolidated Edison by 14.8% in the fourth quarter. Teachers Advisors LLC now owns 649,810 shares of the utilities provider’s stock worth $47,878,000 after buying an additional 83,824 shares in the last quarter. Rockland Trust Co. increased its position in shares of Consolidated Edison by 3.3% in the first quarter. Rockland Trust Co. now owns 55,856 shares of the utilities provider’s stock worth $4,338,000 after buying an additional 1,799 shares in the last quarter. Dai Ichi Life Insurance Company Ltd increased its position in shares of 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 buying an additional 8,918 shares in the last quarter. Finally, Washington Trust Bank increased its position in shares of Consolidated Edison by 272.4% in the first quarter. Washington Trust Bank now owns 3,352 shares of the utilities provider’s stock worth $260,000 after buying an additional 2,452 shares in the last quarter. Hedge funds and other institutional investors own 55.61% of the company’s stock.
Shares of Consolidated Edison Inc (NYSE ED) traded down 0.92% during mid-day trading on Friday, reaching $82.87. The company’s stock had a trading volume of 1,546,917 shares. The company’s 50-day moving average is $82.05 and its 200 day moving average is $79.21. The firm has a market capitalization of $25.33 billion, a P/E ratio of 20.05 and a beta of 0.08. Consolidated Edison Inc has a 1-year low of $68.76 and a 1-year high of $85.13.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The business 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 period in the prior year, the business posted $0.60 earnings per share. On average, analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
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A number of equities research 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 target price on the stock in a research report on Friday, May 26th. BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Barclays PLC restated an “equal weight” rating and issued a $82.00 price objective (up previously from $76.00) on shares of Consolidated Edison in a research report on Sunday, April 23rd. BMO Capital Markets restated a “hold” rating and issued a $80.00 price objective on shares of Consolidated Edison in a research report on Monday, May 15th. Finally, Jefferies Group LLC lowered Consolidated Edison from a “buy” rating to a “hold” rating and lowered their price objective 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 and nine have given a hold rating to the stock. The company has an average rating of “Hold” and a consensus price target of $76.96.
In other news, Director Linda S. Sanford bought 900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were acquired at an average cost of $79.74 per share, with a total value of $71,766.00. Following the completion of the transaction, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have purchased 1,319 shares of company stock worth $106,510. 0.20% of the stock is owned by company insiders.
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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