Korea Investment CORP increased its stake in shares of Consolidated Edison Inc (NYSE:ED) by 108.0% during the second quarter, according to its most recent filing with the SEC. The fund owned 77,929 shares of the utilities provider’s stock after buying an additional 40,461 shares during the period. Korea Investment CORP’s holdings in Consolidated Edison were worth $6,298,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Gulf International Bank UK Ltd boosted its stake in shares of Consolidated Edison by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 94,744 shares of the utilities provider’s stock valued at $7,357,000 after buying an additional 1,350 shares during the period. National Pension Service boosted its stake in shares of Consolidated Edison by 7.7% in the first quarter. National Pension Service now owns 253,981 shares of the utilities provider’s stock valued at $19,744,000 after buying an additional 18,207 shares during the period. Bank of Montreal Can boosted its stake in shares of Consolidated Edison by 7.9% in the first quarter. Bank of Montreal Can now owns 673,320 shares of the utilities provider’s stock valued at $52,290,000 after buying an additional 49,129 shares during the period. CrestPoint Capital Management LLC bought a new stake in shares of Consolidated Edison during the first quarter valued at about $396,000. Finally, TNB Financial bought a new stake in shares of Consolidated Edison during the first quarter valued at about $219,000. 55.61% of the stock is currently owned by institutional investors and hedge funds.
Shares of Consolidated Edison Inc (ED) opened at 83.64 on Friday. The stock has a 50 day moving average price of $82.05 and a 200-day moving average price of $79.21. The firm has a market cap of $25.57 billion, a PE ratio of 20.24 and a beta of 0.08. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.13.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the 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 during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the prior year, the company earned $0.60 EPS. On average, equities analysts anticipate that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, August 14th. This represents a $2.76 annualized dividend and a yield of 3.30%. Consolidated Edison’s dividend payout ratio is presently 66.67%.
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Several analysts have issued reports on ED shares. Barclays PLC reaffirmed an “equal weight” rating and set a $82.00 target price (up previously from $76.00) on shares of Consolidated Edison in a research report on Sunday, April 23rd. BMO Capital Markets reaffirmed a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a research report on Friday, May 5th. Deutsche Bank AG cut Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 target price on the stock. in a research report on Monday, May 8th. UBS AG increased their target price on Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research report on Monday, May 8th. Finally, Morgan Stanley increased their target price on Consolidated Edison from $77.00 to $78.00 and gave the company an “underweight” rating in a research report on Monday, May 8th. Five investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. The stock has an average rating of “Hold” and an average target price of $76.96.
In related news, Director Linda S. Sanford acquired 900 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was bought at an average price of $79.74 per share, for a total transaction of $71,766.00. Following the completion of the purchase, the director now directly owns 8,748 shares of the company’s stock, valued at approximately $697,565.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders acquired 1,319 shares of company stock valued at $106,510 in the last 90 days. 0.20% of the stock is currently owned by insiders.
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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