Reilly Financial Advisors LLC raised its stake in Consolidated Edison Inc (NYSE:ED) by 15.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,656 shares of the utilities provider’s stock after buying an additional 500 shares during the period. Reilly Financial Advisors LLC’s holdings in Consolidated Edison were worth $295,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ED. BTIM Corp. increased its position in Consolidated Edison by 14.7% in the second quarter. BTIM Corp. now owns 503,743 shares of the utilities provider’s stock valued at $40,712,000 after buying an additional 64,494 shares during the period. Assenagon Asset Management S.A. acquired a new position in Consolidated Edison during the second quarter valued at approximately $4,359,000. Aperio Group LLC increased its position in Consolidated Edison by 4.1% in the second quarter. Aperio Group LLC now owns 641,554 shares of the utilities provider’s stock valued at $51,850,000 after buying an additional 25,215 shares during the period. Alpha Windward LLC increased its position in Consolidated Edison by 1.2% in the second quarter. Alpha Windward LLC now owns 3,194 shares of the utilities provider’s stock valued at $258,000 after buying an additional 39 shares during the period. Finally, Louisiana State Employees Retirement System increased its position in Consolidated Edison by 1.1% in the second quarter. Louisiana State Employees Retirement System now owns 18,900 shares of the utilities provider’s stock valued at $1,527,000 after buying an additional 200 shares during the period. 54.90% of the stock is owned by institutional investors.
Consolidated Edison Inc (ED) traded up 0.61% during mid-day trading on Friday, hitting $83.53. 2,024,020 shares of the stock were exchanged. The stock has a market capitalization of $25.53 billion, a PE ratio of 20.21 and a beta of 0.08. The company has a 50-day moving average of $82.08 and a 200-day moving average of $79.65. 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 EPS for the quarter, missing the Thomson Reuters’ 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 business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter last year, the business earned $0.60 EPS. On average, equities analysts predict that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio is currently 66.67%.
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ED has been the subject of several analyst reports. Barclays PLC reissued an “equal weight” rating and issued a $82.00 price target (up from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. BMO Capital Markets reissued a “hold” rating and issued a $80.00 price target on shares of Consolidated Edison in a report on Friday, May 5th. Deutsche Bank AG downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price target for the company. in a report on Monday, May 8th. UBS AG raised their price target on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a report on Monday, May 8th. Finally, Morgan Stanley raised their price target on shares of Consolidated Edison from $77.00 to $78.00 and gave the company an “underweight” rating in a report on Monday, May 8th. Five research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $76.96.
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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