Investors sold shares of Consolidated Edison Inc (NYSE:ED) on strength during trading on Friday. $21.14 million flowed into the stock on the tick-up and $44.70 million flowed out of the stock on the tick-down, for a money net flow of $23.56 million out of the stock. Of all stocks tracked, Consolidated Edison had the 0th highest net out-flow for the day. Consolidated Edison traded up $0.52 for the day and closed at $82.93
A number of brokerages have issued reports on ED. BMO Capital Markets reiterated a “hold” rating and set a $80.00 price objective on shares of Consolidated Edison in a research note on Friday, May 5th. Zacks Investment Research downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Wednesday, May 24th. Deutsche Bank AG increased their price objective on shares of Consolidated Edison from $72.00 to $74.00 and gave the stock a “hold” rating in a research note on Tuesday, April 11th. BidaskClub downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $88.00 to $83.50 in a research note on Tuesday, June 13th. Seven analysts have rated the stock with a sell rating and eight have given a hold rating to the company’s stock. Consolidated Edison has an average rating of “Hold” and an average target price of $76.82.
The stock’s 50-day moving average price is $82.45 and its 200 day moving average price is $78.29. The firm has a market capitalization of $25.33 billion, a price-to-earnings ratio of 19.10 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 4th. The utilities provider reported $1.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.08. The business had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.05 billion. Consolidated Edison had a return on equity of 9.05% and a net margin of 10.90%. During the same quarter in the prior year, the firm earned $1.18 earnings per share. Equities research analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.59%.
In related news, Director Linda S. Sanford acquired 900 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was purchased at an average price of $79.74 per share, with a total value of $71,766.00. Following the completion of the purchase, the director now owns 8,748 shares in the company, valued at approximately $697,565.52. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders have bought 1,240 shares of company stock valued at $100,090. Insiders own 0.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in ED. Stuart Chaussee & Associates Inc. increased its position in shares of 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 in the last quarter. Tompkins Financial Corp acquired a new position in shares of Consolidated Edison during the first quarter worth approximately $118,000. Enterprise Financial Services Corp increased its position in shares of 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 in the last quarter. Atwood & Palmer Inc. increased its position in shares of 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 in the last quarter. Finally, Cypress Capital Management LLC WY increased its position in shares of Consolidated Edison by 491.7% in the second quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock worth $143,000 after buying an additional 1,475 shares in the last quarter. Institutional investors own 55.88% of the company’s stock.
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About Consolidated Edison
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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