New Mexico Educational Retirement Board cut its position in shares of Consolidated Edison Inc (NYSE:ED) by 8.4% during the second quarter, Holdings Channel reports. The firm owned 28,352 shares of the utilities provider’s stock after selling 2,600 shares during the period. New Mexico Educational Retirement Board’s holdings in Consolidated Edison were worth $2,349,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in the stock. Ameriprise Financial Inc. boosted its stake in Consolidated Edison by 3.8% in the first quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock worth $16,770,000 after buying an additional 8,002 shares during the period. Rockland Trust Co. boosted its stake in Consolidated Edison by 3.3% in the first quarter. Rockland Trust Co. now owns 55,856 shares of the utilities provider’s stock worth $4,338,000 after buying an additional 1,799 shares during the period. Dai Ichi Life Insurance Company Ltd boosted its stake in Consolidated Edison by 16.4% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 63,364 shares of the utilities provider’s stock worth $4,921,000 after buying an additional 8,918 shares during the period. Washington Trust Bank boosted its stake in Consolidated Edison by 272.4% in the first quarter. Washington Trust Bank now owns 3,352 shares of the utilities provider’s stock worth $260,000 after buying an additional 2,452 shares during the period. Finally, Signaturefd LLC boosted its stake in Consolidated Edison by 25.6% in the first quarter. Signaturefd LLC now owns 7,498 shares of the utilities provider’s stock worth $582,000 after buying an additional 1,530 shares during the period. Institutional investors own 55.61% of the company’s stock.
Consolidated Edison Inc (NYSE ED) opened at 83.26 on Thursday. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $85.13. The stock has a market capitalization of $25.43 billion, a PE ratio of 19.18 and a beta of 0.08. The stock has a 50 day moving average price of $82.08 and a 200 day moving average price of $79.18.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 net margin of 10.57% and a return on equity of 8.59%. During the same period in the previous year, the firm posted $0.60 earnings per share. Equities analysts forecast that Consolidated Edison Inc will post $4.09 EPS for the current 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. This represents a $2.76 annualized dividend and a yield of 3.31%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio is presently 66.67%.
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A number of equities research analysts have commented on ED shares. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research note on Friday, May 12th. BMO Capital Markets reiterated a “hold” rating and issued a $80.00 price target on shares of Consolidated Edison in a research note on Friday, May 5th. Barclays PLC reiterated an “equal weight” rating and issued a $82.00 price target (up from $76.00) on shares of Consolidated Edison in a research note on Sunday, April 23rd. Jefferies Group LLC cut Consolidated Edison from a “buy” rating to a “hold” rating and decreased their price target for the company from $88.00 to $83.50 in a research note on Tuesday, June 13th. Finally, BidaskClub cut Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Five research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price 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 stock was purchased at an average cost of $79.74 per share, with a total value of $71,766.00. Following the purchase, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have acquired 1,319 shares of company stock valued at $106,510. 0.20% of the stock is owned by company 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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