Consolidated Edison Inc (NYSE:ED) Stake Cut by State of Alaska Department of Revenue
State of Alaska Department of Revenue lowered its position in Consolidated Edison Inc (NYSE:ED) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,193 shares of the utilities provider’s stock after selling 1,371 shares during the period. State of Alaska Department of Revenue’s holdings in Consolidated Edison were worth $5,106,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. increased its position in Consolidated Edison by 3.8% in the first quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock valued at $16,770,000 after buying an additional 8,002 shares during the period. Teachers Advisors LLC increased its position in Consolidated Edison by 14.8% in the fourth quarter. Teachers Advisors LLC now owns 649,810 shares of the utilities provider’s stock valued at $47,878,000 after buying an additional 83,824 shares during the period. Rockland Trust Co. increased its position in Consolidated Edison by 3.3% in the first quarter. Rockland Trust Co. now owns 55,856 shares of the utilities provider’s stock valued at $4,338,000 after buying an additional 1,799 shares during the period. Dai Ichi Life Insurance Company Ltd increased its position in Consolidated Edison by 16.4% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 63,364 shares of the utilities provider’s stock valued at $4,921,000 after buying an additional 8,918 shares during the period. Finally, Washington Trust Bank increased its position in Consolidated Edison by 272.4% in the first quarter. Washington Trust Bank now owns 3,352 shares of the utilities provider’s stock valued at $260,000 after buying an additional 2,452 shares during the period. Institutional investors own 55.88% of the company’s stock.
Shares of Consolidated Edison Inc (NYSE:ED) opened at 82.93 on Friday. The company has a 50 day moving average price of $82.45 and a 200 day moving average price of $78.29. The firm has a market cap of $25.33 billion, a PE ratio of 19.10 and a beta of 0.08. Consolidated Edison Inc has a 12-month low of $68.76 and a 12-month high of $85.13.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 4th. The utilities provider reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.08. Consolidated Edison had a return on equity of 9.05% and a net margin of 10.90%. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same quarter in the prior year, the company earned $1.18 EPS. On average, analysts forecast that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s payout ratio is currently 63.59%.
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Several equities analysts have recently weighed in on the company. BidaskClub downgraded Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Jefferies Group LLC downgraded Consolidated Edison from a “buy” rating to a “hold” rating and decreased their target price for the company from $88.00 to $83.50 in a research report on Tuesday, June 13th. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Wednesday, June 14th. BMO Capital Markets restated a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a research report on Monday, May 15th. Finally, UBS AG raised their target price on Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research report on Monday, May 15th. Seven research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Consolidated Edison currently has an average rating of “Hold” and an average target price of $76.82.
In related news, Director Linda S. Sanford bought 900 shares of Consolidated Edison stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average price of $79.74 per share, with a total value of $71,766.00. Following the purchase, the director now owns 8,748 shares in the company, valued at $697,565.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders purchased 1,240 shares of company stock worth $100,090. 0.20% of the stock is owned by corporate insiders.
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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