Retirement Systems of Alabama increased its position in Consolidated Edison Inc (NYSE:ED) by 0.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 148,065 shares of the utilities provider’s stock after buying an additional 604 shares during the period. Retirement Systems of Alabama’s holdings in Consolidated Edison were worth $11,967,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock worth $1,871,955,000 after buying an additional 22,816,233 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock worth $270,138,000 after buying an additional 884,788 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock worth $1,654,504,000 after buying an additional 725,857 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock worth $91,507,000 after buying an additional 699,200 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Consolidated Edison by 28.0% in the first quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock worth $230,778,000 after buying an additional 649,615 shares in the last quarter. 55.61% of the stock is currently owned by institutional investors and hedge funds.
Consolidated Edison Inc (NYSE:ED) opened at 83.26 on Thursday. Consolidated Edison Inc has a 12 month low of $68.76 and a 12 month high of $85.13. The company has a market capitalization of $25.43 billion, a price-to-earnings ratio of 19.18 and a beta of 0.08. The stock’s 50 day moving average price is $82.08 and its 200 day moving average price is $79.18.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same quarter in the prior year, the firm posted $0.60 earnings per share. Equities research analysts anticipate that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, August 14th. This represents a $2.76 annualized dividend and a yield of 3.31%. Consolidated Edison’s payout ratio is currently 66.67%.
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A number of equities analysts have weighed in on ED shares. UBS AG upped their target price on Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research note on Monday, May 8th. BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Morgan Stanley upped their target price on Consolidated Edison from $77.00 to $78.00 and gave the stock an “underweight” rating in a research note on Monday, May 8th. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research note on Thursday, May 18th. Finally, Deutsche Bank AG lowered Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 target price on the stock. in a research note on Monday, May 8th. Five equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $76.96.
In related news, Director Linda S. Sanford acquired 900 shares of Consolidated Edison stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $79.74 per share, with a total value of $71,766.00. Following the completion of the purchase, the director now directly owns 8,748 shares of the company’s stock, valued at approximately $697,565.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired 1,319 shares of company stock worth $106,510 over the last three months. 0.20% of the stock is currently owned by insiders.
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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