Assenagon Asset Management S.A. purchased a new position in Consolidated Edison Inc (NYSE:ED) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 53,932 shares of the utilities provider’s stock, valued at approximately $4,359,000.
Several other hedge funds also recently added to or reduced their stakes in the company. Stuart Chaussee & Associates Inc. increased its stake in Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock worth $106,000 after buying an additional 795 shares during the period. Tompkins Financial Corp bought a new stake in Consolidated Edison during the first quarter worth approximately $118,000. Enterprise Financial Services Corp increased its stake in Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock worth $121,000 after buying an additional 38 shares during the period. Atwood & Palmer Inc. increased its stake in Consolidated Edison by 195.8% in the first quarter. Atwood & Palmer Inc. now owns 1,813 shares of the utilities provider’s stock worth $141,000 after buying an additional 1,200 shares during the period. Finally, First Financial Corp IN increased its stake in Consolidated Edison by 24.0% in the first quarter. First Financial Corp IN now owns 2,068 shares of the utilities provider’s stock worth $161,000 after buying an additional 400 shares during the period. Institutional investors own 55.88% of the company’s stock.
Shares of Consolidated Edison Inc (ED) opened at 82.93 on Friday. The company has a market capitalization of $25.33 billion, a P/E ratio of 19.10 and a beta of 0.08. The company has a 50 day moving average of $82.45 and a 200-day moving average of $78.29. Consolidated Edison Inc has a 12-month low of $68.76 and a 12-month high of $85.13.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 4th. The utilities provider reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.08. Consolidated Edison had a net margin of 10.90% and a return on equity of 9.05%. The company had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same period in the prior year, the company posted $1.18 EPS. On average, equities analysts anticipate that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a yield of 3.33%. Consolidated Edison’s payout ratio is presently 63.59%.
A number of research firms have commented on ED. UBS AG boosted their price target on shares of Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research report on Monday, May 8th. BidaskClub downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and dropped their price target for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $93.00 price target on the stock in a research report on Thursday, June 1st. Finally, BMO Capital Markets restated a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a research report on Friday, May 5th. Seven research analysts have rated the stock with a sell rating and eight have given a hold rating to the stock. Consolidated Edison has an average rating of “Hold” and an average price target of $76.82.
In other Consolidated Edison news, Director Linda S. Sanford bought 900 shares of the business’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the transaction, the director now owns 8,748 shares in the company, valued at approximately $697,565.52. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders have acquired 1,240 shares of company stock worth $100,090. Corporate insiders own 0.20% of the company’s stock.
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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