Rakuten Investment Management Inc. Acquires New Position in Consolidated Edison Inc $ED

Rakuten Investment Management Inc. bought a new position in shares of Consolidated Edison Inc (NYSE:ED) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 601,840 shares of the utilities provider’s stock, valued at approximately $60,497,000. Rakuten Investment Management Inc. owned approximately 0.17% of Consolidated Edison as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ED. Salomon & Ludwin LLC increased its position in shares of Consolidated Edison by 270.4% during the third quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock worth $30,000 after acquiring an additional 219 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in Consolidated Edison by 53.2% in the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 109 shares during the period. Bogart Wealth LLC grew its stake in Consolidated Edison by 886.5% during the 2nd quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 328 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Consolidated Edison during the 3rd quarter worth about $38,000. Finally, SJS Investment Consulting Inc. raised its position in Consolidated Edison by 1,677.3% in the 2nd quarter. SJS Investment Consulting Inc. now owns 391 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 369 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Insider Buying and Selling at Consolidated Edison

In related news, Director John F. Killian sold 2,276 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total transaction of $220,521.64. Following the completion of the sale, the director owned 38,661 shares in the company, valued at $3,745,864.29. This represents a 5.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ED shares. Barclays lowered their price objective on Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating for the company in a research report on Monday, November 10th. TD Cowen initiated coverage on shares of Consolidated Edison in a research report on Friday, January 9th. They set a “hold” rating and a $105.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a report on Friday, December 12th. Morgan Stanley set a $92.00 price target on Consolidated Edison in a research note on Tuesday, December 16th. Finally, Cowen initiated coverage on Consolidated Edison in a research report on Thursday, January 8th. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $103.27.

Consolidated Edison Stock Performance

NYSE ED opened at $104.98 on Wednesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. Consolidated Edison Inc has a 1 year low of $90.35 and a 1 year high of $114.87. The company has a market capitalization of $37.89 billion, a PE ratio of 18.35, a P/E/G ratio of 2.83 and a beta of 0.39. The company has a fifty day moving average of $99.50 and a two-hundred day moving average of $99.87.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.14. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.22 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.During the same quarter in the previous year, the firm earned $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. As a group, analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.