Mirae Asset Global Investments Co. Ltd. Acquires 8,562 Shares of Consolidated Edison Inc $ED

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 13.3% in the 3rd quarter, Holdings Channel reports. The firm owned 72,819 shares of the utilities provider’s stock after purchasing an additional 8,562 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Consolidated Edison were worth $7,320,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ED. Bank of New York Mellon Corp grew its holdings in shares of Consolidated Edison by 2.0% in the third quarter. Bank of New York Mellon Corp now owns 2,288,918 shares of the utilities provider’s stock worth $230,082,000 after purchasing an additional 45,110 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in Consolidated Edison by 12.6% in the 3rd quarter. Valeo Financial Advisors LLC now owns 3,885 shares of the utilities provider’s stock valued at $391,000 after buying an additional 436 shares during the period. J. Safra Sarasin Holding AG purchased a new stake in Consolidated Edison in the 3rd quarter valued at about $1,333,000. Belpointe Asset Management LLC grew its stake in Consolidated Edison by 1.7% in the 3rd quarter. Belpointe Asset Management LLC now owns 8,603 shares of the utilities provider’s stock worth $865,000 after acquiring an additional 140 shares in the last quarter. Finally, Chilton Capital Management LLC increased its position in shares of Consolidated Edison by 74.4% during the third quarter. Chilton Capital Management LLC now owns 839 shares of the utilities provider’s stock worth $84,000 after acquiring an additional 358 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the completion of the sale, the director directly owned 38,661 shares in the company, valued at $3,745,864.29. This trade represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by insiders.

Consolidated Edison Trading Up 0.6%

Shares of NYSE ED opened at $106.63 on Friday. Consolidated Edison Inc has a 1-year low of $93.24 and a 1-year high of $114.87. The business has a fifty day moving average price of $100.06 and a 200 day moving average price of $100.12. The stock has a market capitalization of $38.49 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 2.89 and a beta of 0.39. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97.

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

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, February 18th will be paid a dividend of $0.8875 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. The ex-dividend date is Wednesday, February 18th. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. Consolidated Edison’s dividend payout ratio (DPR) is presently 59.44%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. TD Cowen assumed coverage on shares of Consolidated Edison in a research note on Friday, January 9th. They set a “hold” rating and a $105.00 price target for the company. UBS Group lifted their target price on Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. lowered their target price on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a report on Friday, December 12th. Barclays dropped their price target on Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating on the stock in a research report on Thursday, January 22nd. Finally, New Street Research set a $106.00 price objective on Consolidated Edison in a report on Monday, October 6th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $104.20.

Consolidated Edison 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.