Traders bought shares of Consolidated Edison, Inc. (NYSE:ED) on weakness during trading hours on Tuesday. $32.72 million flowed into the stock on the tick-up and $13.71 million flowed out of the stock on the tick-down, for a money net flow of $19.01 million into the stock. Of all companies tracked, Consolidated Edison had the 26th highest net in-flow for the day. Consolidated Edison traded down ($0.16) for the day and closed at $76.89
Several research analysts recently issued reports on ED shares. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research report on Thursday, January 18th. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Guggenheim reaffirmed a “hold” rating and set a $88.00 target price on shares of Consolidated Edison in a research report on Wednesday, January 3rd. UBS started coverage on Consolidated Edison in a research report on Friday, February 2nd. They set a “neutral” rating and a $80.00 target price on the stock. Finally, Morgan Stanley cut their price objective on Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating on the stock in a report on Tuesday, February 13th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $81.32.
The company has a current ratio of 0.72, a quick ratio of 0.65 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $23,866.43, a price-to-earnings ratio of 18.66, a price-to-earnings-growth ratio of 4.51 and a beta of 0.10.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Wednesday, February 14th were issued a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a yield of 3.73%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Tuesday, February 13th. Consolidated Edison’s dividend payout ratio (DPR) is 57.89%.
A number of institutional investors have recently bought and sold shares of the stock. Sii Investments Inc. WI grew its holdings in Consolidated Edison by 11.2% during the third quarter. Sii Investments Inc. WI now owns 6,004 shares of the utilities provider’s stock worth $482,000 after acquiring an additional 603 shares during the period. Welch Investments LLC grew its holdings in Consolidated Edison by 1.2% during the fourth quarter. Welch Investments LLC now owns 54,448 shares of the utilities provider’s stock worth $4,625,000 after acquiring an additional 641 shares during the period. Pacer Advisors Inc. grew its holdings in Consolidated Edison by 10.4% during the third quarter. Pacer Advisors Inc. now owns 7,168 shares of the utilities provider’s stock worth $578,000 after acquiring an additional 678 shares during the period. Amalgamated Bank grew its holdings in Consolidated Edison by 2.0% during the third quarter. Amalgamated Bank now owns 35,201 shares of the utilities provider’s stock worth $2,840,000 after acquiring an additional 694 shares during the period. Finally, DnB Asset Management AS grew its holdings in Consolidated Edison by 1.8% during the fourth quarter. DnB Asset Management AS now owns 40,409 shares of the utilities provider’s stock worth $3,433,000 after acquiring an additional 700 shares during the period. 56.68% of the stock is currently owned by hedge funds and other institutional investors.
COPYRIGHT VIOLATION NOTICE: This report was first published by StockNewsTimes and is the property of of StockNewsTimes. If you are accessing this report on another site, it was illegally copied and reposted in violation of United States & international copyright & trademark legislation. The correct version of this report can be read at https://stocknewstimes.com/2018/03/22/traders-buy-consolidated-edison-ed-on-weakness.html.
Consolidated Edison Company Profile
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).
Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.