Stoneridge Investment Partners LLC Sells 184 Shares of Consolidated Edison Inc (ED)
Stoneridge Investment Partners LLC cut its stake in Consolidated Edison Inc (NYSE:ED) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 52,980 shares of the utilities provider’s stock after selling 184 shares during the period. Stoneridge Investment Partners LLC’s holdings in Consolidated Edison were worth $4,282,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of ED. Gulf International Bank UK Ltd boosted its stake in shares of Consolidated Edison by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 94,744 shares of the utilities provider’s stock valued at $7,357,000 after buying an additional 1,350 shares during the last quarter. National Pension Service boosted its stake in shares of Consolidated Edison by 7.7% in the first quarter. National Pension Service now owns 253,981 shares of the utilities provider’s stock valued at $19,744,000 after buying an additional 18,207 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Consolidated Edison by 7.9% in the first quarter. Bank of Montreal Can now owns 673,320 shares of the utilities provider’s stock valued at $52,290,000 after buying an additional 49,129 shares during the last quarter. CrestPoint Capital Management LLC purchased a new stake in shares of Consolidated Edison during the first quarter valued at $396,000. Finally, TNB Financial purchased a new stake in shares of Consolidated Edison during the first quarter valued at $219,000. 55.61% of the stock is currently owned by institutional investors.
Consolidated Edison Inc (NYSE:ED) opened at 83.64 on Friday. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13. The company has a market capitalization of $25.57 billion, a P/E ratio of 20.24 and a beta of 0.08. The stock’s 50 day moving average price is $82.05 and its 200-day moving average price is $79.21.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ 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 analysts’ expectations of $2.79 billion. During the same quarter last year, the firm earned $0.60 earnings per share. Equities analysts forecast that Consolidated Edison Inc will post $4.09 EPS for the current year.
The firm 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 dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, August 14th. This represents a $2.76 annualized dividend and a yield of 3.30%. Consolidated Edison’s dividend payout ratio (DPR) is 66.67%.
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Several equities research analysts recently weighed in on ED shares. Barclays PLC reaffirmed an “equal weight” rating and issued a $82.00 price target (up from $76.00) on shares of Consolidated Edison in a research note on Sunday, April 23rd. BMO Capital Markets reaffirmed a “hold” rating and issued a $80.00 price target on shares of Consolidated Edison in a research note on Friday, May 5th. Deutsche Bank AG cut Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 target price on the stock. in a research note on Monday, May 8th. UBS AG increased their target price on Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research note on Monday, May 8th. Finally, Morgan Stanley increased their target price on Consolidated Edison from $77.00 to $78.00 and gave the stock an “underweight” rating in a research note on Monday, May 8th. Five equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $76.96.
In other Consolidated Edison news, Director Linda S. Sanford bought 900 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the purchase, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have purchased 1,319 shares of company stock worth $106,510. 0.20% of the stock is owned by company insiders.
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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