Payden & Rygel Trims Position in Consolidated Edison, Inc. (ED)
Payden & Rygel cut its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 180,400 shares of the utilities provider’s stock after selling 4,500 shares during the quarter. Consolidated Edison accounts for 1.4% of Payden & Rygel’s investment portfolio, making the stock its 29th biggest holding. Payden & Rygel owned approximately 0.06% of Consolidated Edison worth $14,555,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Apriem Advisors increased its position in Consolidated Edison by 17.1% during the third quarter. Apriem Advisors now owns 81,980 shares of the utilities provider’s stock worth $6,614,000 after buying an additional 11,994 shares in the last quarter. Castleton Investment Management LLC increased its position in Consolidated Edison by 87.7% during the third quarter. Castleton Investment Management LLC now owns 271,320 shares of the utilities provider’s stock worth $21,890,000 after buying an additional 126,777 shares in the last quarter. AMP Capital Investors Ltd increased its position in Consolidated Edison by 1.7% during the third quarter. AMP Capital Investors Ltd now owns 234,126 shares of the utilities provider’s stock worth $18,889,000 after buying an additional 3,857 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in Consolidated Edison by 1.9% during the third quarter. Nomura Asset Management Co. Ltd. now owns 129,188 shares of the utilities provider’s stock worth $10,423,000 after buying an additional 2,446 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its position in Consolidated Edison by 9.2% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 264,753 shares of the utilities provider’s stock worth $21,450,000 after buying an additional 22,400 shares in the last quarter. 55.69% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on ED shares. Morgan Stanley raised their price target on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a research report on Thursday, August 10th. BidaskClub raised Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Jefferies Group reaffirmed a “hold” rating and issued a $83.50 price objective on shares of Consolidated Edison in a research report on Thursday, August 31st. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Monday, September 11th. Finally, Evercore ISI downgraded Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price objective for the company. in a research report on Tuesday, September 26th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $80.32.
Shares of Consolidated Edison, Inc. (NYSE ED) traded up $0.45 during trading hours on Thursday, hitting $88.47. The stock had a trading volume of 1,088,900 shares, compared to its average volume of 1,515,113. The stock has a market capitalization of $27,292.25, a P/E ratio of 21.95, a P/E/G ratio of 7.17 and a beta of 0.10. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.70 and a current ratio of 0.79. Consolidated Edison, Inc. has a twelve month low of $69.33 and a twelve month high of $89.58.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 EPS for the quarter, missing the Zacks’ consensus estimate of $1.54 by ($0.07). The business had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.14 billion. Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. During the same period in the prior year, the firm earned $1.51 EPS. research analysts forecast that Consolidated Edison, Inc. will post 4.09 earnings per share for the current year.
The company also recently announced 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. This represents a $2.76 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend is Tuesday, November 14th. Consolidated Edison’s payout ratio is currently 69.00%.
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Consolidated Edison 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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