Castleton Investment Management LLC lifted its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 87.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 271,320 shares of the utilities provider’s stock after acquiring an additional 126,777 shares during the quarter. Consolidated Edison comprises approximately 8.1% of Castleton Investment Management LLC’s holdings, making the stock its largest position. Castleton Investment Management LLC owned about 0.09% of Consolidated Edison worth $21,890,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Girard Partners LTD. raised its holdings in Consolidated Edison by 91.9% in the 2nd quarter. Girard Partners LTD. now owns 5,578 shares of the utilities provider’s stock valued at $451,000 after acquiring an additional 2,671 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Consolidated Edison by 1.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 560,190 shares of the utilities provider’s stock worth $45,274,000 after buying an additional 9,825 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Consolidated Edison in the 2nd quarter worth approximately $3,562,000. Lazard Asset Management LLC raised its holdings in shares of Consolidated Edison by 129.8% in the 2nd quarter. Lazard Asset Management LLC now owns 380,193 shares of the utilities provider’s stock worth $30,726,000 after buying an additional 214,717 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Consolidated Edison by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 21,821,324 shares of the utilities provider’s stock worth $1,763,600,000 after buying an additional 516,860 shares in the last quarter. Institutional investors own 55.69% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. BidaskClub raised Consolidated Edison from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price target for the company. in a report on Tuesday, September 26th. KeyCorp reaffirmed a “hold” rating on shares of Consolidated Edison in a report on Friday, October 20th. Finally, Bank of America assumed coverage on Consolidated Edison in a report on Tuesday, October 24th. They set a “buy” rating and a $92.00 price target for the company. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Consolidated Edison currently has an average rating of “Hold” and a consensus target price of $80.32.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 EPS for the quarter, missing the Zacks’ consensus estimate of $1.54 by ($0.07). The firm had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.14 billion. Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. During the same quarter in the previous year, the business posted $1.51 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 disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be given a $0.69 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.76 dividend on an annualized basis and a yield of 3.14%. Consolidated Edison’s payout ratio is 69.00%.
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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