Bank of New York Mellon Corp decreased its position in Consolidated Edison Inc (NYSE:ED) by 4.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,307,712 shares of the utilities provider’s stock after selling 170,782 shares during the period. Bank of New York Mellon Corp owned about 1.08% of Consolidated Edison worth $267,329,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the company. Alps Advisors Inc. increased its position in Consolidated Edison by 17.3% in the second quarter. Alps Advisors Inc. now owns 6,566 shares of the utilities provider’s stock worth $531,000 after buying an additional 967 shares in the last quarter. Checchi Capital Advisers LLC increased its position in Consolidated Edison by 5.1% in the second quarter. Checchi Capital Advisers LLC now owns 4,678 shares of the utilities provider’s stock worth $378,000 after buying an additional 228 shares in the last quarter. NewSquare Capital LLC increased its position in Consolidated Edison by 6.5% in the second quarter. NewSquare Capital LLC now owns 8,690 shares of the utilities provider’s stock worth $702,000 after buying an additional 527 shares in the last quarter. State of Wisconsin Investment Board increased its position in Consolidated Edison by 33.5% in the second quarter. State of Wisconsin Investment Board now owns 257,765 shares of the utilities provider’s stock worth $20,833,000 after buying an additional 64,720 shares in the last quarter. Finally, WASHINGTON TRUST Co increased its position in Consolidated Edison by 1.3% in the second quarter. WASHINGTON TRUST Co now owns 6,513 shares of the utilities provider’s stock worth $526,000 after buying an additional 85 shares in the last quarter. 54.90% of the stock is currently owned by hedge funds and other institutional investors.
Consolidated Edison Inc (NYSE:ED) opened at 83.53 on Friday. The company has a 50 day moving average of $82.08 and a 200-day moving average of $79.65. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13. The stock has a market capitalization of $25.53 billion, a P/E ratio of 20.21 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by $0.03. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same period in the previous year, the business posted $0.60 earnings per share. Equities research analysts predict that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The company 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 $0.69 dividend. The ex-dividend date is Monday, August 14th. This represents a $2.76 annualized dividend and a yield of 3.30%. Consolidated Edison’s payout ratio is 66.67%.
A number of research firms have issued reports on ED. Morgan Stanley lifted their price objective on shares of Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a report on Thursday, August 10th. Zacks Investment Research raised shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Monday, August 7th. BidaskClub raised shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and cut their price objective for the stock from $88.00 to $83.50 in a report on Tuesday, June 13th. Five equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. Consolidated Edison presently has an average rating of “Hold” and an average price target 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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