Grimes & Company Inc. Boosts Stake in Consolidated Edison Inc. (ED)
Grimes & Company Inc. raised its stake in Consolidated Edison Inc. (NYSE:ED) by 2.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor 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 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in ED. State Street Corp boosted its stake in shares of Consolidated Edison by 0.9% in the first quarter. State Street Corp now owns 18,740,714 shares of the company’s stock worth $1,435,923,000 after buying an additional 174,002 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Consolidated Edison by 0.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 8,363,900 shares of the company’s stock worth $640,842,000 after buying an additional 52,432 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Consolidated Edison by 5.5% in the first quarter. BlackRock Fund Advisors now owns 7,370,925 shares of the company’s stock worth $564,760,000 after buying an additional 383,782 shares during the period. BlackRock Group LTD boosted its stake in shares of Consolidated Edison by 2.1% in the first quarter. BlackRock Group LTD now owns 3,140,748 shares of the company’s stock worth $240,646,000 after buying an additional 65,052 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Consolidated Edison by 1.8% in the first quarter. Geode Capital Management LLC now owns 2,534,280 shares of the company’s stock worth $193,807,000 after buying an additional 45,773 shares during the period. 54.76% of the stock is owned by institutional investors and hedge funds.
Consolidated Edison Inc. (NYSE:ED) traded up 1.99% during mid-day trading on Wednesday, reaching $78.06. The company’s stock had a trading volume of 2,023,471 shares. Consolidated Edison Inc. has a 12-month low of $60.30 and a 12-month high of $81.88. The company has a 50-day moving average price of $76.24 and a 200-day moving average price of $76.11. The firm has a market cap of $23.76 billion and a PE ratio of 20.23.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 4th. The company reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates 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 in the previous year, the company posted $0.78 EPS. On average, equities research analysts expect that Consolidated Edison Inc. will post $3.97 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were issued a dividend of $0.67 per share. The ex-dividend date was Monday, August 15th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.43%. Consolidated Edison’s dividend payout ratio (DPR) is 69.25%.
A number of research analysts have recently weighed in on ED shares. Vetr upgraded Consolidated Edison from a “sell” rating to a “hold” rating and set a $74.71 target price on the stock in a report on Wednesday, September 7th. Citigroup Inc. started coverage on Consolidated Edison in a report on Friday, August 12th. They issued a “neutral” rating and a $76.00 target price on the stock. They noted that the move was a valuation call. Jefferies Group restated a “hold” rating on shares of Consolidated Edison in a report on Monday, August 1st. Evercore ISI lowered Consolidated Edison from a “hold” rating to a “sell” rating and raised their target price for the company from $69.50 to $72.50 in a report on Wednesday, July 6th. Finally, BMO Capital Markets started coverage on Consolidated Edison in a report on Wednesday, June 22nd. They issued a “hold” rating and a $79.00 target price on the stock. Five analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target 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).
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