State Board of Administration of Florida Retirement System increased its stake in shares of Consolidated Edison Inc (NYSE:ED) by 0.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 467,993 shares of the utilities provider’s stock after buying an additional 4,200 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.15% of Consolidated Edison worth $37,758,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Andra AP fonden grew its position in Consolidated Edison by 5.8% during the third quarter. Andra AP fonden now owns 413,855 shares of the utilities provider’s stock worth $33,390,000 after buying an additional 22,755 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Consolidated Edison by 42.2% in the 3rd quarter. Canada Pension Plan Investment Board now owns 251,951 shares of the utilities provider’s stock valued at $20,327,000 after purchasing an additional 74,729 shares in the last quarter. Brightworth acquired a new stake in shares of Consolidated Edison in the 3rd quarter valued at $263,000. Westpac Banking Corp boosted 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 in the last quarter. Finally, Baillie Gifford & Co. boosted 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 in the last quarter. 55.32% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on ED. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. Bank of America Corporation began coverage on Consolidated Edison in a report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 target price on the stock. KeyCorp reaffirmed a “hold” rating on shares of Consolidated Edison in a report on Friday, October 20th. Morgan Stanley raised their target price on Consolidated Edison from $78.00 to $80.00 and gave the company an “underweight” rating in a report on Friday, September 8th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $83.50 target price on shares of Consolidated Edison in a report on Thursday, August 31st. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $78.96.
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Consolidated Edison Inc (NYSE ED) traded up $0.24 during midday trading on Friday, hitting $87.04. The company had a trading volume of 1,629,418 shares, compared to its average volume of 1,428,493. Consolidated Edison Inc has a 12 month low of $68.76 and a 12 month high of $87.58. The firm has a market cap of $26,988.41, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 7.11 and a beta of 0.10. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.68 and a current ratio of 0.76.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by ($0.07). Consolidated Edison had a return on equity of 8.52% and a net margin of 10.42%. The firm had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the business posted $1.51 EPS. equities research analysts anticipate that Consolidated Edison Inc will post 4.09 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Tuesday, November 14th. Consolidated Edison’s payout ratio is presently 69.00%.
In other news, CEO Joseph P. Oates sold 1,908 shares of Consolidated Edison stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the sale, the chief executive officer now owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 79 shares of company stock worth $6,602 in the last three months. 0.20% of the stock is 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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