Whittier Trust Co. of Nevada Inc. increased its position in shares of Consolidated Edison Inc. (NYSE:ED) by 65.3% during the second quarter, Holdings Channel reports. The institutional investor owned 2,329 shares of the company’s stock after buying an additional 920 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Consolidated Edison were worth $187,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Meeder Asset Management Inc. purchased a new position in Consolidated Edison during the first quarter worth about $216,000. State Street Corp raised its position in Consolidated Edison by 0.9% in the first quarter. State Street Corp now owns 18,740,714 shares of the company’s stock worth $1,435,923,000 after buying an additional 174,002 shares during the last quarter. 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 last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Consolidated Edison during the first quarter worth about $1,014,000. Finally, Meiji Yasuda Asset Management Co Ltd. raised its position in Consolidated Edison by 10.8% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 18,893 shares of the company’s stock worth $1,448,000 after buying an additional 1,835 shares during the last quarter. Institutional investors and hedge funds own 54.76% of the company’s stock.
Shares of Consolidated Edison Inc. (NYSE:ED) traded up 0.75% during midday trading on Wednesday, hitting $72.20. The stock had a trading volume of 1,110,144 shares. Consolidated Edison Inc. has a one year low of $60.30 and a one year high of $81.88. The firm’s 50-day moving average is $75.26 and its 200 day moving average is $76.22. The company has a market capitalization of $21.98 billion, a PE ratio of 18.71 and a beta of 0.01.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same period last year, the business posted $0.78 EPS. Equities analysts expect that Consolidated Edison Inc. will post $3.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th were paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 3.74%. The ex-dividend date was Monday, August 15th. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.25%.
ED has been the topic of a number of research analyst reports. Jefferies Group raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a report on Wednesday, September 14th. Vetr raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $77.14 target price on the stock in a report on Wednesday, September 14th. Barclays PLC lowered their target price on Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 21st. BMO Capital Markets initiated coverage on Consolidated Edison in a report on Wednesday, June 22nd. They set a “hold” rating and a $79.00 target price on the stock. Finally, Zacks Investment Research raised Consolidated Edison from a “sell” rating to a “hold” rating in a report on Tuesday, June 14th. Four analysts have rated the stock with a sell rating, five 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 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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