CIBC World Markets Inc. Buys Shares of 5,936 Consolidated Edison Inc (ED)
CIBC World Markets Inc. purchased a new stake in shares of Consolidated Edison Inc (NYSE:ED) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 5,936 shares of the utilities provider’s stock, valued at approximately $480,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Armbruster Capital Management Inc. lifted its position in Consolidated Edison by 127.3% during the 2nd quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after acquiring an additional 700 shares during the period. Stuart Chaussee & Associates Inc. lifted its position in Consolidated Edison by 138.3% during the 1st quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 795 shares during the period. Oakworth Capital Inc. lifted its position in Consolidated Edison by 10.5% during the 2nd quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after acquiring an additional 137 shares during the period. Enterprise Financial Services Corp lifted its position in Consolidated Edison by 6.0% during the 2nd quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock valued at $133,000 after acquiring an additional 93 shares during the period. Finally, Cypress Capital Management LLC WY lifted its position in Consolidated Edison by 491.7% during the 2nd quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock valued at $143,000 after acquiring an additional 1,475 shares during the period. 55.06% of the stock is owned by institutional investors.
Shares of Consolidated Edison Inc (NYSE:ED) opened at 83.41 on Wednesday. The company has a market capitalization of $25.50 billion, a price-to-earnings ratio of 20.18 and a beta of 0.09. Consolidated Edison Inc has a 1-year low of $68.76 and a 1-year high of $86.16. The firm’s 50-day moving average is $83.85 and its 200-day moving average is $81.13.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Zacks’ 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 during the quarter, compared to analysts’ expectations of $2.79 billion. During the same period last year, the company earned $0.60 earnings per share. Analysts forecast that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.31%. The ex-dividend date was Monday, August 14th. Consolidated Edison’s payout ratio is 66.67%.
A number of research analysts recently issued reports on ED shares. Zacks Investment Research cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Wednesday, May 24th. Jefferies Group LLC cut shares of Consolidated Edison from a “buy” rating to a “hold” rating and lowered their price target for the company from $88.00 to $83.50 in a research report on Tuesday, June 13th. Finally, BidaskClub cut shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $77.88.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the sale, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders have acquired 471 shares of company stock valued at $39,202. Insiders own 0.20% of the company’s stock.
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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