D. E. Shaw & Co. Inc. lifted its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 67.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,233,762 shares of the utilities provider’s stock after purchasing an additional 496,201 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Consolidated Edison were worth $108,176,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of ED. Krane Funds Advisors LLC acquired a new stake in shares of Consolidated Edison in the 2nd quarter worth approximately $25,000. FTB Advisors Inc. grew its holdings in shares of Consolidated Edison by 220.2% in the 2nd quarter. FTB Advisors Inc. now owns 285 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 196 shares during the period. Coastal Capital Group Inc. acquired a new stake in shares of Consolidated Edison in the 2nd quarter worth approximately $26,000. Willingdon Wealth Management acquired a new stake in shares of Consolidated Edison in the 1st quarter worth approximately $31,000. Finally, Interactive Financial Advisors acquired a new stake in shares of Consolidated Edison in the 1st quarter worth approximately $34,000. 59.75% of the stock is owned by institutional investors and hedge funds.
ED has been the topic of a number of research reports. Barclays restated a “hold” rating and issued a $90.00 price target on shares of Consolidated Edison in a report on Thursday, June 20th. Credit Suisse Group lowered their price target on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. KeyCorp initiated coverage on Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating on the stock. Morgan Stanley lowered their price target on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating on the stock in a report on Friday, August 16th. Finally, ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $84.91.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.67 billion. Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. During the same quarter last year, the company posted $0.61 EPS. As a group, research analysts predict that Consolidated Edison, Inc. will post 4.34 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Tuesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.
Consolidated Edison Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.
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