Douglas Lane & Associates LLC decreased its stake in Consolidated Edison, Inc. (NYSE:ED) by 14.4% during the second quarter, Holdings Channel reports. The institutional investor owned 3,409 shares of the company’s stock after selling 575 shares during the period. Douglas Lane & Associates LLC’s holdings in Consolidated Edison were worth $274,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Stuart Chaussee & Associates Inc. raised its position in Consolidated Edison by 27.3% in the second quarter. Stuart Chaussee & Associates Inc. now owns 1,750 shares of the company’s stock worth $141,000 after buying an additional 375 shares during the period. Williams Jones & Associates LLC bought a new position in Consolidated Edison during the first quarter worth about $146,000. Invictus RG bought a new position in Consolidated Edison during the first quarter worth about $157,000. PacWest Financial Management Inc bought a new position in Consolidated Edison during the second quarter worth about $201,000. Finally, Kings Point Capital Management raised its position in Consolidated Edison by 4.1% in the first quarter. Kings Point Capital Management now owns 2,542 shares of the company’s stock worth $195,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 54.76% of the company’s stock.
Shares of Consolidated Edison, Inc. (NYSE:ED) traded down 0.22% during trading on Friday, reaching $78.68. The company had a trading volume of 1,239,138 shares. The stock has a 50 day moving average of $76.23 and a 200 day moving average of $76.18. The stock has a market capitalization of $23.95 billion and a price-to-earnings ratio of 20.39. Consolidated Edison, Inc. has a 52-week low of $60.30 and a 52-week high of $81.88.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.69 by $0.09. Consolidated Edison had a return on equity of 8.88% and a net margin of 9.47%. During the same quarter in the prior year, the firm posted $0.78 EPS. Equities research analysts forecast that Consolidated Edison, Inc. will post $3.97 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were paid a dividend of $0.67 per share. The ex-dividend date was Monday, August 15th. This represents a $2.68 annualized dividend and a yield of 3.41%. Consolidated Edison’s dividend payout ratio (DPR) is 69.25%.
A number of research analysts recently issued reports on the company. Goldman Sachs Group Inc. decreased their target price on Consolidated Edison from $72.00 to $70.00 and set a “sell” rating for the company in a report on Wednesday, September 14th. Zacks Investment Research raised Consolidated Edison from a “sell” rating to a “hold” rating in a report on Tuesday, June 14th. Barclays PLC decreased their price target on Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday. Morgan Stanley set a $69.00 price target on Consolidated Edison and gave the stock a “sell” rating in a report on Wednesday. Finally, Vetr raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $77.14 price target for the company in a report on Wednesday, September 14th. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $74.51.
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) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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