Bp Plc lessened its stake in Consolidated Edison Inc (NYSE:ED) by 45.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,000 shares of the utilities provider’s stock after selling 30,000 shares during the period. Bp Plc’s holdings in Consolidated Edison were worth $2,904,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Brightworth acquired a new stake in Consolidated Edison in the 3rd quarter valued at about $263,000. Westpac Banking Corp increased its holdings in shares of Consolidated Edison by 14.2% in the 3rd quarter. Westpac Banking Corp now owns 21,350 shares of the utilities provider’s stock valued at $1,723,000 after purchasing an additional 2,662 shares during the period. Baillie Gifford & Co. increased its holdings in shares of Consolidated Edison by 0.9% in the 3rd quarter. Baillie Gifford & Co. now owns 187,872 shares of the utilities provider’s stock valued at $15,157,000 after purchasing an additional 1,623 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Consolidated Edison by 39.7% in the 3rd quarter. Victory Capital Management Inc. now owns 167,380 shares of the utilities provider’s stock valued at $13,504,000 after purchasing an additional 47,549 shares during the period. Finally, Crossmark Global Holdings Inc. acquired a new position in Consolidated Edison in the third quarter worth approximately $3,224,000. Hedge funds and other institutional investors own 55.32% of the company’s stock.
Several equities analysts have commented on the company. Morgan Stanley increased their price target on Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a report on Thursday, August 10th. Jefferies Group LLC reissued a “hold” rating and issued a $83.50 price objective on shares of Consolidated Edison in a research report on Thursday, August 31st. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research report on Friday, September 22nd. Bank of America Corporation assumed coverage on Consolidated Edison in a research report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 target price for the company. Finally, BidaskClub cut Consolidated Edison from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Five 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 stock. The company currently has an average rating of “Hold” and a consensus target price of $78.96.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.51 by ($0.04). Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period in the previous year, the firm earned $1.51 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 66.67%.
In other news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have acquired 79 shares of company stock valued at $6,602. Corporate insiders own 0.20% of the company’s stock.
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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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