Consolidated Edison Inc (ED) Holdings Lifted by Hennessy Advisors Inc.
Hennessy Advisors Inc. grew its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 1.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 418,436 shares of the utilities provider’s stock after purchasing an additional 4,700 shares during the quarter. Hennessy Advisors Inc. owned approximately 0.13% of Consolidated Edison worth $33,759,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Girard Partners LTD. lifted its stake in shares of Consolidated Edison by 91.9% during the 2nd quarter. Girard Partners LTD. now owns 5,578 shares of the utilities provider’s stock worth $451,000 after purchasing an additional 2,671 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Consolidated Edison by 1.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 560,190 shares of the utilities provider’s stock worth $45,274,000 after buying an additional 9,825 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Consolidated Edison by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 604,894 shares of the utilities provider’s stock worth $46,977,000 after buying an additional 15,382 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Consolidated Edison in the 2nd quarter worth $3,562,000. Finally, Lazard Asset Management LLC raised its position in shares of Consolidated Edison by 129.8% in the 2nd quarter. Lazard Asset Management LLC now owns 380,193 shares of the utilities provider’s stock worth $30,726,000 after buying an additional 214,717 shares during the period. 55.37% of the stock is currently owned by institutional investors.
Shares of Consolidated Edison Inc (NYSE:ED) traded down $0.65 during midday trading on Friday, reaching $87.01. The company had a trading volume of 211,109 shares, compared to its average volume of 1,486,922. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $88.08. The firm has a market cap of $27,242.64, a P/E ratio of 21.91, a P/E/G ratio of 7.14 and a beta of 0.10. The company has a current ratio of 0.79, a quick ratio of 0.70 and a debt-to-equity ratio of 0.97.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.54 by ($0.07). Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. The company had revenue of $3.21 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the prior year, the company posted $1.51 earnings per share. equities analysts predict that Consolidated Edison Inc will post 4.1 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.76 annualized dividend and a yield of 3.17%. Consolidated Edison’s dividend payout ratio is currently 69.00%.
In other news, CEO Joseph P. Oates sold 1,908 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was 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 in the company, valued at $2,014,305.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought 183 shares of company stock valued at $15,248 over the last 90 days. Insiders own 0.20% of the company’s stock.
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Several research analysts recently weighed in on ED shares. Zacks Investment Research lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $83.50 target price on shares of Consolidated Edison in a research report on Thursday, August 31st. KeyCorp reaffirmed a “hold” rating on shares of Consolidated Edison in a research report on Friday, October 20th. Morgan Stanley increased their target price on Consolidated Edison from $78.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, September 8th. Finally, Bank of America Corporation started coverage on Consolidated Edison in a research report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 target price on the stock. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $78.96.
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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