QRG Capital Management Inc. Cuts Stock Position in Consolidated Edison Inc $ED

QRG Capital Management Inc. cut its stake in shares of Consolidated Edison Inc (NYSE:ED) by 50.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 167,724 shares of the utilities provider’s stock after selling 169,679 shares during the quarter. QRG Capital Management Inc.’s holdings in Consolidated Edison were worth $16,860,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of ED. Norges Bank purchased a new stake in shares of Consolidated Edison in the second quarter valued at approximately $462,218,000. Vanguard Group Inc. boosted its position in shares of Consolidated Edison by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock worth $4,519,845,000 after purchasing an additional 1,923,717 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in shares of Consolidated Edison by 2,190.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 978,160 shares of the utilities provider’s stock worth $98,158,000 after purchasing an additional 935,463 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in shares of Consolidated Edison by 103.7% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,327,643 shares of the utilities provider’s stock worth $133,229,000 after purchasing an additional 675,852 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Consolidated Edison by 6.1% in the 2nd quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock valued at $979,204,000 after purchasing an additional 566,358 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John F. Killian sold 2,276 shares of Consolidated Edison stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $96.89, for a total transaction of $220,521.64. Following the sale, the director directly owned 38,661 shares of the company’s stock, valued at approximately $3,745,864.29. The trade was a 5.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. KeyCorp reduced their price target on shares of Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating for the company in a research report on Friday, December 12th. UBS Group upped their price objective on shares of Consolidated Edison from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Morgan Stanley set a $92.00 price objective on Consolidated Edison in a report on Tuesday, December 16th. New Street Research set a $106.00 price target on shares of Consolidated Edison in a research report on Monday, October 6th. Finally, Cowen assumed coverage on shares of Consolidated Edison in a research report on Thursday, January 8th. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $103.53.

Consolidated Edison Trading Up 1.2%

ED opened at $103.83 on Friday. The firm’s 50 day moving average is $99.28 and its 200-day moving average is $99.81. Consolidated Edison Inc has a 52-week low of $90.35 and a 52-week high of $114.87. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $37.48 billion, a P/E ratio of 18.15, a P/E/G ratio of 2.80 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 6th. The utilities provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.79%. The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same period last year, the business earned $1.68 EPS. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. Analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.