Gateway Investment Advisers LLC trimmed its stake in Consolidated Edison, Inc. (NYSE:ED) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 352,608 shares of the utilities provider’s stock after selling 1,886 shares during the period. Gateway Investment Advisers LLC owned about 0.11% of Consolidated Edison worth $27,496,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cordasco Financial Network grew its position in Consolidated Edison by 160.0% in the 2nd quarter. Cordasco Financial Network now owns 1,300 shares of the utilities provider’s stock worth $101,000 after purchasing an additional 800 shares during the last quarter. Bruderman Asset Management LLC acquired a new stake in Consolidated Edison in the 1st quarter worth $130,000. Summit Trail Advisors LLC grew its position in Consolidated Edison by 6,165.4% in the 1st quarter. Summit Trail Advisors LLC now owns 135,708 shares of the utilities provider’s stock worth $136,000 after purchasing an additional 133,542 shares during the last quarter. Lee Financial Co acquired a new stake in Consolidated Edison in the 1st quarter worth $153,000. Finally, Bray Capital Advisors acquired a new stake in Consolidated Edison in the 1st quarter worth $166,000. Institutional investors own 57.08% of the company’s stock.
ED has been the topic of several research analyst reports. Zacks Investment Research lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, April 18th. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Wednesday, March 28th. JPMorgan Chase & Co. raised their price target on shares of Consolidated Edison from $75.00 to $78.00 and gave the stock a “sell” rating in a research report on Tuesday, April 10th. Morgan Stanley raised their price target on shares of Consolidated Edison from $74.00 to $77.00 and gave the stock an “underweight” rating in a research report on Monday, April 16th. Finally, Barclays initiated coverage on shares of Consolidated Edison in a research report on Tuesday. They issued an “equal weight” rating and a $81.00 price target on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $81.83.
Shares of Consolidated Edison opened at $79.03 on Thursday, MarketBeat Ratings reports. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 0.94. Consolidated Edison, Inc. has a twelve month low of $71.12 and a twelve month high of $89.70. The stock has a market cap of $24.19 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 4.57 and a beta of 0.07.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 3rd. The utilities provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.05. Consolidated Edison had a net margin of 12.86% and a return on equity of 8.61%. The business had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.23 billion. During the same period in the previous year, the business earned $1.27 EPS. The firm’s revenue was up 4.2% on a year-over-year basis. research analysts forecast that Consolidated Edison, Inc. will post 4.26 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Wednesday, May 16th were given a dividend of $0.715 per share. The ex-dividend date was Tuesday, May 15th. This represents a $2.86 annualized dividend and a dividend yield of 3.62%. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.93%.
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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