Consolidated Edison Inc. (ED) Shares Down 1.8%
Consolidated Edison Inc. (NYSE:ED) shares dropped 1.8% on Monday . The company traded as low as $77.38 and last traded at $77.39, with a volume of 1,156,658 shares changing hands. The stock had previously closed at $78.79.
ED has been the topic of a number of research analyst reports. Deutsche Bank AG cut Consolidated Edison from a “hold” rating to a “sell” rating and lifted their target price for the company from $62.00 to $70.00 in a report on Monday, April 18th. Zacks Investment Research cut Consolidated Edison from a “hold” rating to a “sell” rating in a report on Monday, April 18th. Mizuho lifted their target price on Consolidated Edison from $66.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, May 12th. BMO Capital Markets initiated coverage on Consolidated Edison in a report on Wednesday, June 22nd. They issued a “hold” rating and a $79.00 target price on the stock. Finally, Evercore ISI cut Consolidated Edison from a “hold” rating to a “sell” rating and lifted their target price for the company from $69.50 to $72.50 in a report on Wednesday, July 6th. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $73.03.
The company’s 50-day moving average price is $79.48 and its 200 day moving average price is $75.34. The firm has a market capitalization of $23.21 billion and a PE ratio of 19.76.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.09. During the same period last year, the firm posted $0.78 earnings per share. On average, analysts forecast that Consolidated Edison Inc. will post $3.98 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 17th will be issued a dividend of $0.67 per share. The ex-dividend date is Monday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 3.52%.
Other hedge funds have recently made changes to their positions in the company. BlackRock Advisors LLC raised its stake in shares of Consolidated Edison by 55.2% in the fourth quarter. BlackRock Advisors LLC now owns 355,600 shares of the company’s stock valued at $22,854,000 after buying an additional 126,542 shares in the last quarter. Airain ltd purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at about $6,460,000. Calvert Investment Management Inc. raised its stake in shares of Consolidated Edison by 62.5% in the fourth quarter. Calvert Investment Management Inc. now owns 65,620 shares of the company’s stock valued at $4,217,000 after buying an additional 25,228 shares in the last quarter. Bridgewater Associates LP purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at about $1,534,000. Finally, Victory Capital Management Inc. raised its stake in shares of Consolidated Edison by 32.0% in the fourth quarter. Victory Capital Management Inc. now owns 43,575 shares of the company’s stock valued at $2,801,000 after buying an additional 10,559 shares in the last quarter.
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) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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