Strs Ohio raised its stake in Consolidated Edison Inc. (NYSE:ED) by 65.7% during the second quarter, Holdings Channel reports. The firm owned 36,443 shares of the company’s stock after buying an additional 14,456 shares during the period. Strs Ohio’s holdings in Consolidated Edison were worth $2,931,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in ED. Stuart Chaussee & Associates Inc. increased 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 valued at $141,000 after buying an additional 375 shares during the period. Williams Jones & Associates LLC acquired a new position in Consolidated Edison during the first quarter valued at $146,000. Invictus RG acquired a new position in Consolidated Edison during the first quarter valued at $157,000. Kings Point Capital Management increased 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 valued at $195,000 after buying an additional 100 shares during the period. Finally, PacWest Financial Management Inc acquired a new position in Consolidated Edison during the second quarter valued at $201,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.
Shares of Consolidated Edison Inc. (NYSE:ED) traded down 0.41% during midday trading on Friday, reaching $72.03. The company’s stock had a trading volume of 2,096,558 shares. The stock has a market capitalization of $21.93 billion, a P/E ratio of 18.67 and a beta of 0.01. Consolidated Edison Inc. has a 12 month low of $60.30 and a 12 month high of $81.88. The stock’s 50-day moving average is $75.53 and its 200 day moving average is $76.26.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 4th. The company reported $0.60 EPS for the quarter, missing the Thomson Reuters’ 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 period last year, the firm posted $0.78 earnings per share. On average, analysts expect that Consolidated Edison Inc. will post $3.97 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th were given a $0.67 dividend. The ex-dividend date was Monday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 3.72%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.25%.
Several equities research analysts have commented on the company. Citigroup Inc. dropped their price target on Consolidated Edison from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Tuesday. Vetr upgraded Consolidated Edison from a “sell” rating to a “hold” rating and set a $74.71 price target for the company in a research note on Wednesday, September 7th. Evercore ISI lowered Consolidated Edison from a “hold” rating to a “sell” rating and upped their price target for the stock from $69.50 to $72.50 in a research note on Wednesday, July 6th. BMO Capital Markets assumed coverage on Consolidated Edison in a research note on Wednesday, June 22nd. They set a “hold” rating and a $79.00 price target for the company. Finally, Barclays PLC dropped their price target on Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 21st. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $74.47.
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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