Consolidated Edison Inc (NYSE:ED) Position Cut by Rhumbline Advisers
Rhumbline Advisers reduced its position in shares of Consolidated Edison Inc (NYSE:ED) by 1.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 553,129 shares of the utilities provider’s stock after selling 8,529 shares during the period. Rhumbline Advisers’ holdings in Consolidated Edison were worth $44,704,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in shares of 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 boosted its stake in shares of 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. boosted its stake in shares of 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 boosted its stake in shares of 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 boosted its stake 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 valued at $230,778,000 after buying an additional 649,615 shares in the last quarter. 55.61% of the stock is currently owned by institutional investors.
Shares of Consolidated Edison Inc (NYSE ED) opened at 82.87 on Friday. Consolidated Edison Inc has a 1-year low of $68.76 and a 1-year high of $85.13. The stock has a market capitalization of $25.33 billion, a price-to-earnings ratio of 20.05 and a beta of 0.08. The company’s 50 day moving average is $82.01 and its 200-day moving average is $79.28.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.61 by $0.03. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same period last year, the firm posted $0.60 earnings per share. Equities analysts anticipate that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The business also recently declared 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. This represents a $2.76 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
Several analysts have recently issued reports on ED shares. Barclays PLC reissued an “equal weight” rating and set a $82.00 price target (up previously from $76.00) on shares of Consolidated Edison in a research report on Sunday, April 23rd. BMO Capital Markets reissued a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a research report on Friday, May 5th. Deutsche Bank AG cut shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price target on the stock. in a research report on Monday, May 8th. UBS AG increased their price target on shares of Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research report on Monday, May 8th. Finally, Morgan Stanley increased their price target on shares of Consolidated Edison from $77.00 to $78.00 and gave the stock an “underweight” rating in a research report on Monday, May 8th. Five equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. Consolidated Edison has an average rating of “Hold” and an average target price of $76.96.
In related news, Director Linda S. Sanford purchased 900 shares of Consolidated Edison stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average cost of $79.74 per share, with a total value of $71,766.00. Following the transaction, the director now owns 8,748 shares of the company’s stock, valued at approximately $697,565.52. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have purchased a total of 1,319 shares of company stock worth $106,510 over the last three months. 0.20% of the stock is currently 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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