Point72 Asset Management L.P. boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 112.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,300 shares of the utilities provider’s stock after purchasing an additional 10,200 shares during the quarter. Point72 Asset Management L.P.’s holdings in Consolidated Edison were worth $1,504,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. OppenheimerFunds Inc. grew its stake in shares of Consolidated Edison by 3.5% during the fourth quarter. OppenheimerFunds Inc. now owns 21,160 shares of the utilities provider’s stock worth $1,798,000 after acquiring an additional 708 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Consolidated Edison by 0.6% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 126,473 shares of the utilities provider’s stock worth $9,857,000 after acquiring an additional 739 shares during the last quarter. Colonial Trust Advisors grew its stake in shares of Consolidated Edison by 26.7% during the fourth quarter. Colonial Trust Advisors now owns 3,557 shares of the utilities provider’s stock worth $302,000 after acquiring an additional 750 shares during the last quarter. KCM Investment Advisors LLC grew its stake in shares of Consolidated Edison by 7.1% during the first quarter. KCM Investment Advisors LLC now owns 12,071 shares of the utilities provider’s stock worth $941,000 after acquiring an additional 805 shares during the last quarter. Finally, Fiduciary Trust Co. grew its stake in shares of Consolidated Edison by 23.7% during the first quarter. Fiduciary Trust Co. now owns 4,279 shares of the utilities provider’s stock worth $333,000 after acquiring an additional 820 shares during the last quarter. Institutional investors and hedge funds own 57.05% of the company’s stock.
A number of brokerages have recently weighed in on ED. Morgan Stanley dropped their price target on Consolidated Edison from $75.00 to $71.00 and set an “underweight” rating on the stock in a research note on Wednesday, June 13th. ValuEngine lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, June 6th. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, JPMorgan Chase & Co. upped their target price on Consolidated Edison from $75.00 to $78.00 and gave the company a “sell” rating in a research report on Tuesday, April 10th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $81.94.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 3rd. The utilities provider reported $1.38 EPS for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.05. The firm had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.23 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 12.86%. Consolidated Edison’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.27 earnings per share. sell-side analysts predict that Consolidated Edison, Inc. will post 4.26 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 15th. Shareholders of record on Wednesday, May 16th were issued a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Tuesday, May 15th. Consolidated Edison’s payout ratio is presently 69.93%.
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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