CENTRAL TRUST Co reduced its stake in shares of Consolidated Edison Inc (NYSE:ED) by 20.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,438 shares of the utilities provider’s stock after selling 2,911 shares during the period. CENTRAL TRUST Co’s holdings in Consolidated Edison were worth $925,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. increased its position in Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after buying an additional 22,816,233 shares in the last quarter. Bank of New York Mellon Corp increased its position in Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock valued at $270,138,000 after buying an additional 884,788 shares in the last quarter. Vanguard Group Inc. increased its position in Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after buying an additional 725,857 shares in the last quarter. Renaissance Technologies LLC increased its position in Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after buying an additional 699,200 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Consolidated Edison by 28.0% in the first quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock worth $230,778,000 after buying an additional 649,615 shares during the period. Institutional investors and hedge funds own 54.90% of the company’s stock.
Consolidated Edison Inc (NYSE ED) traded up 0.61% during mid-day trading on Friday, reaching $83.53. 2,024,020 shares of the company traded hands. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.13. The firm’s 50-day moving average is $82.00 and its 200 day moving average is $79.57. The stock has a market capitalization of $25.53 billion, a PE ratio of 20.21 and a beta of 0.08.
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 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 firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period last year, the company earned $0.60 EPS. On average, equities research analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current year.
The business also recently announced 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. This represents a $2.76 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s payout ratio is 66.67%.
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A number of brokerages have commented on ED. BMO Capital Markets reaffirmed a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a research note on Friday, May 5th. Zacks Investment Research cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Wednesday, May 24th. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Jefferies Group LLC cut shares of Consolidated Edison from a “buy” rating to a “hold” rating and dropped their price target for the company from $88.00 to $83.50 in a research report on Tuesday, June 13th. Finally, UBS AG lifted their price target on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research report on Monday, May 15th. Five equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $76.96.
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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