Grimes & Company Inc. Boosts Stake in Consolidated Edison Inc. (ED)
Grimes & Company Inc. boosted its position in Consolidated Edison Inc. (NYSE:ED) by 2.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,850 shares of the company’s stock after buying an additional 100 shares during the period. Grimes & Company Inc.’s holdings in Consolidated Edison were worth $310,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in ED. Norges Bank bought a new position in Consolidated Edison during the fourth quarter valued at about $118,109,000. Bank of Montreal Can bought a new position in Consolidated Edison during the second quarter valued at about $48,767,000. Acadian Asset Management LLC raised its position in Consolidated Edison by 87.1% in the second quarter. Acadian Asset Management LLC now owns 924,134 shares of the company’s stock valued at $74,340,000 after buying an additional 430,081 shares during the last quarter. BlackRock Fund Advisors raised its position in Consolidated Edison by 5.5% in the first quarter. BlackRock Fund Advisors now owns 7,370,925 shares of the company’s stock valued at $564,760,000 after buying an additional 383,782 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Consolidated Edison by 66.8% in the first quarter. Renaissance Technologies LLC now owns 825,300 shares of the company’s stock valued at $63,234,000 after buying an additional 330,600 shares during the last quarter. Hedge funds and other institutional investors own 54.76% of the company’s stock.
Consolidated Edison Inc. (NYSE:ED) traded up 1.99% on Wednesday, hitting $78.06. The company’s stock had a trading volume of 2,023,471 shares. The stock has a market cap of $23.76 billion and a PE ratio of 20.23. Consolidated Edison Inc. has a 12 month low of $60.30 and a 12 month high of $81.88. The firm has a 50 day moving average of $76.24 and a 200-day moving average of $76.11.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 4th. The company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.69 by $0.09. Consolidated Edison had a return on equity of 8.88% and a net margin of 9.47%. During the same period last year, the firm posted $0.78 EPS. On average, analysts expect that Consolidated Edison Inc. will post $3.97 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were paid a dividend of $0.67 per share. The ex-dividend date was Monday, August 15th. This represents a $2.68 annualized dividend and a yield of 3.43%. Consolidated Edison’s dividend payout ratio is currently 69.25%.
ED has been the topic of several recent analyst reports. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a report on Tuesday, May 24th. BMO Capital Markets initiated coverage on Consolidated Edison in a report on Wednesday, June 22nd. They set a “hold” rating and a $79.00 price objective on the stock. Evercore ISI cut Consolidated Edison from a “hold” rating to a “sell” rating and lifted their price objective for the company from $69.50 to $72.50 in a report on Wednesday, July 6th. Vetr upgraded Consolidated Edison from a “strong sell” rating to a “sell” rating and set a $70.50 price objective on the stock in a report on Tuesday, July 12th. Finally, Jefferies Group lifted their price objective on Consolidated Edison to $80.00 and gave the company a “hold” rating in a report on Thursday, July 14th. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $74.51.
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).
Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison Inc. (NYSE:ED).
Receive News & Ratings for Consolidated Edison Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.