Renaissance Technologies LLC lifted its stake in Consolidated Edison, Inc. (NYSE:ED) by 40.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,099,400 shares of the utilities provider’s stock after purchasing an additional 607,000 shares during the quarter. Renaissance Technologies LLC owned about 0.68% of Consolidated Edison worth $178,344,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. BlackRock Inc. grew its position in Consolidated Edison by 2.7% in the fourth quarter. BlackRock Inc. now owns 25,916,294 shares of the utilities provider’s stock worth $2,201,589,000 after acquiring an additional 680,592 shares during the period. APG Asset Management N.V. grew its position in Consolidated Edison by 28.4% in the fourth quarter. APG Asset Management N.V. now owns 5,209,155 shares of the utilities provider’s stock worth $368,519,000 after acquiring an additional 1,153,600 shares during the period. Geode Capital Management LLC grew its position in Consolidated Edison by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 3,431,426 shares of the utilities provider’s stock worth $290,908,000 after acquiring an additional 147,170 shares during the period. Legal & General Group Plc grew its position in Consolidated Edison by 5.2% in the third quarter. Legal & General Group Plc now owns 2,930,589 shares of the utilities provider’s stock worth $236,432,000 after acquiring an additional 144,652 shares during the period. Finally, Janus Henderson Group PLC grew its position in Consolidated Edison by 25.3% in the third quarter. Janus Henderson Group PLC now owns 2,883,134 shares of the utilities provider’s stock worth $232,610,000 after acquiring an additional 582,457 shares during the period. 56.78% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently weighed in on the company. ValuEngine lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. Morgan Stanley lowered their price objective on Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating for the company in a research report on Tuesday, February 13th. UBS Group assumed coverage on Consolidated Edison in a research report on Friday, February 2nd. They issued a “neutral” rating and a $80.00 price objective for the company. Zacks Investment Research lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Friday, January 19th. Finally, JPMorgan Chase & Co. started coverage on Consolidated Edison in a research report on Friday, January 12th. They issued an “underweight” rating and a $78.00 price objective for the company. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $81.32.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.78 by $0.02. Consolidated Edison had a return on equity of 8.51% and a net margin of 12.67%. The business had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same period last year, the business posted $0.69 earnings per share. The company’s quarterly revenue was up 9.4% on a year-over-year basis. research analysts expect that Consolidated Edison, Inc. will post 4.27 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 14th will be issued a $0.715 dividend. The ex-dividend date is Tuesday, February 13th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.69. This represents a $2.86 dividend on an annualized basis and a yield of 3.76%. Consolidated Edison’s dividend payout ratio (DPR) is 13.03%.
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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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