Consolidated Edison Inc (ED) Position Held by RBO & Co. LLC
RBO & Co. LLC continued to hold its stake in shares of Consolidated Edison Inc (NYSE:ED) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,000 shares of the utilities provider’s stock at the end of the second quarter. RBO & Co. LLC’s holdings in Consolidated Edison were worth $242,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in ED. Principal Financial Group Inc. increased its stake in shares of Consolidated Edison by 1.2% in the second quarter. Principal Financial Group Inc. now owns 464,578 shares of the utilities provider’s stock worth $37,547,000 after buying an additional 5,323 shares during the period. Birinyi Associates Inc. increased its stake in Consolidated Edison by 16.7% in the second quarter. Birinyi Associates Inc. now owns 6,985 shares of the utilities provider’s stock valued at $565,000 after buying an additional 1,000 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in Consolidated Edison during the second quarter valued at $2,180,000. Girard Partners LTD. increased its stake in Consolidated Edison by 91.9% in the second quarter. Girard Partners LTD. now owns 5,578 shares of the utilities provider’s stock valued at $451,000 after buying an additional 2,671 shares during the last quarter. Finally, Buckingham Asset Management LLC purchased a new stake in Consolidated Edison during the second quarter valued at $205,000. 55.07% of the stock is owned by institutional investors.
Shares of Consolidated Edison Inc (ED) traded down 0.17% during trading on Wednesday, reaching $84.28. The company had a trading volume of 112,394 shares. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.13. The stock has a 50 day moving average of $82.53 and a 200 day moving average of $80.00. The stock has a market capitalization of $25.76 billion, a price-to-earnings ratio of 20.39 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter last year, the firm earned $0.60 earnings per share. Equities research analysts forecast that Consolidated Edison Inc will post $4.09 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be given a $0.69 dividend. The ex-dividend date is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a yield of 3.27%. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
Several analysts have recently weighed in on ED shares. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a report on Friday, May 12th. BMO Capital Markets reissued a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a report on Friday, May 5th. Jefferies Group LLC downgraded Consolidated Edison from a “buy” rating to a “hold” rating and reduced their target price for the company from $88.00 to $83.50 in a report on Tuesday, June 13th. BidaskClub downgraded Consolidated Edison from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Morgan Stanley boosted their target price on Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a report on Thursday, August 10th. Five 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 company. The stock currently has a consensus rating of “Hold” and an average price target of $76.96.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the transaction, the chief executive officer now directly owns 24,017 shares in the company, valued at $2,014,305.79. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders acquired 392 shares of company stock worth $32,600. Company insiders own 0.20% of the company’s stock.
Consolidated Edison Company Profile
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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