Investors Buy Consolidated Edison Inc (ED) on Weakness

Investors bought shares of Consolidated Edison Inc (NYSE:ED) on weakness during trading hours on Tuesday. $37.52 million flowed into the stock on the tick-up and $17.79 million flowed out of the stock on the tick-down, for a money net flow of $19.73 million into the stock. Of all companies tracked, Consolidated Edison had the 27th highest net in-flow for the day. Consolidated Edison traded down ($0.12) for the day and closed at $82.74

Several research firms have recently commented on ED. Morgan Stanley lifted their price target on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a report on Thursday, August 10th. UBS AG boosted their price objective 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. BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Thursday, May 18th. Finally, Deutsche Bank AG downgraded Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price objective for the company. in a research report on Monday, May 8th. Five research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. The company has an average rating of “Hold” and an average target price of $76.96.

The firm has a market cap of $25.53 billion, a PE ratio of 20.21 and a beta of 0.08. The stock has a 50 day moving average price of $82.08 and a 200 day moving average price of $79.65.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.61 by $0.03. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the firm posted $0.60 EPS. On average, equities research analysts predict that Consolidated Edison Inc will post $4.09 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, August 14th. This represents a $2.76 annualized dividend and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio is presently 66.67%.

Several institutional investors have recently bought and sold shares of ED. DnB Asset Management AS boosted its position in Consolidated Edison by 25.5% in the first quarter. DnB Asset Management AS now owns 42,809 shares of the utilities provider’s stock valued at $3,325,000 after buying an additional 8,700 shares in the last quarter. NewSquare Capital LLC boosted its position in Consolidated Edison by 16.0% in the first quarter. NewSquare Capital LLC now owns 8,163 shares of the utilities provider’s stock valued at $634,000 after buying an additional 1,123 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in Consolidated Edison by 4.3% in the first quarter. Nisa Investment Advisors LLC now owns 249,060 shares of the utilities provider’s stock valued at $19,342,000 after buying an additional 10,175 shares during the period. Hartford Investment Management Co. boosted its position in Consolidated Edison by 5.7% in the first quarter. Hartford Investment Management Co. now owns 85,446 shares of the utilities provider’s stock valued at $6,636,000 after buying an additional 4,587 shares during the period. Finally, Ledyard National Bank boosted its position in Consolidated Edison by 1,115.1% in the first quarter. Ledyard National Bank now owns 5,966 shares of the utilities provider’s stock valued at $463,000 after buying an additional 5,475 shares during the period. 54.90% of the stock is owned by institutional investors and hedge funds.

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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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