BNP Paribas Arbitrage SA Sells 23,124 Shares of Consolidated Edison Inc (ED)

BNP Paribas Arbitrage SA cut its position in Consolidated Edison Inc (NYSE:ED) by 6.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 322,774 shares of the utilities provider’s stock after selling 23,124 shares during the period. BNP Paribas Arbitrage SA owned about 0.11% of Consolidated Edison worth $26,087,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after buying an additional 22,816,233 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock valued at $270,138,000 after buying an additional 884,788 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after buying an additional 725,857 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after buying an additional 699,200 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Consolidated Edison by 28.0% in the first quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock valued at $230,778,000 after buying an additional 649,615 shares in the last quarter. Institutional investors own 54.90% of the company’s stock.

Consolidated Edison Inc (NYSE:ED) opened at 83.02 on Friday. The firm has a market capitalization of $25.38 billion, a PE ratio of 20.09 and a beta of 0.08. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13. The stock has a 50 day moving average of $82.00 and a 200-day moving average of $79.57.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter last year, the business earned $0.60 earnings per share. On average, equities analysts predict that Consolidated Edison Inc will post $4.09 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.32%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.

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Several analysts have recently weighed in on ED shares. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Thursday, May 18th. Deutsche Bank AG downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price objective for the company. in a research report on Monday, May 8th. BMO Capital Markets restated a “hold” rating and set a $80.00 price objective on shares of Consolidated Edison in a research report on Monday, May 15th. Barclays PLC restated an “equal weight” rating and set a $82.00 price objective (up previously from $76.00) on shares of Consolidated Edison in a research report on Sunday, April 23rd. Finally, Morgan Stanley boosted their price objective on shares of Consolidated Edison from $77.00 to $78.00 and gave the stock an “underweight” rating in a research report on Monday, May 8th. Five research analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. Consolidated Edison has an average rating of “Hold” and an average target price of $76.96.

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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