Magellan Asset Management Ltd Increases Holdings in Consolidated Edison Inc (ED)
Magellan Asset Management Ltd boosted its stake in Consolidated Edison Inc (NYSE:ED) by 8.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 202,378 shares of the utilities provider’s stock after acquiring an additional 16,499 shares during the period. Magellan Asset Management Ltd owned 0.07% of Consolidated Edison worth $16,356,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in ED. BlackRock Inc. raised its position in Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock worth $1,871,955,000 after acquiring an additional 22,816,233 shares during the period. Bank of New York Mellon Corp raised its position in 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 worth $270,138,000 after acquiring an additional 884,788 shares during the period. Vanguard Group Inc. raised its position in Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock worth $1,654,504,000 after acquiring an additional 725,857 shares during the period. Renaissance Technologies LLC raised its position in Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock worth $91,507,000 after acquiring an additional 699,200 shares during the period. Finally, Morgan Stanley raised its position in Consolidated Edison by 28.0% in the first quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock worth $230,778,000 after acquiring an additional 649,615 shares during the period. 55.09% of the stock is currently owned by institutional investors and hedge funds.
Consolidated Edison Inc (ED) traded down 0.08% during mid-day trading on Friday, hitting $84.44. 2,472,200 shares of the stock traded hands. Consolidated Edison Inc has a 1-year low of $68.76 and a 1-year high of $86.16. The company’s 50 day moving average price is $83.81 and its 200-day moving average price is $80.98. The stock has a market cap of $25.81 billion, a price-to-earnings ratio of 20.43 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period in the previous year, the business earned $0.60 EPS. 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 was paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.27%. The ex-dividend date was Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
ED has been the topic of several research reports. Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $92.00 price objective on the stock in a research report on Friday, May 26th. BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Finally, Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $77.88.
In other news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the transaction, the chief executive officer now owns 24,017 shares in the company, valued at approximately $2,014,305.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought a total of 471 shares of company stock worth $39,202 in the last quarter. Company insiders own 0.20% of the company’s stock.
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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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