Consolidated Edison, Inc. (ED) Position Increased by Teacher Retirement System of Texas
Teacher Retirement System of Texas increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 9.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 605,969 shares of the utilities provider’s stock after acquiring an additional 54,772 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.20% of Consolidated Edison worth $47,253,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of ED. Assenagon Asset Management S.A. lifted its holdings in Consolidated Edison by 2,609.5% during the second quarter. Assenagon Asset Management S.A. now owns 577,357 shares of the utilities provider’s stock worth $45,022,000 after acquiring an additional 556,048 shares during the period. Unigestion Holding SA bought a new stake in Consolidated Edison during the second quarter worth $21,198,000. Mackay Shields LLC bought a new stake in Consolidated Edison during the first quarter worth $21,139,000. Robeco Institutional Asset Management B.V. lifted its holdings in Consolidated Edison by 13.1% during the first quarter. Robeco Institutional Asset Management B.V. now owns 1,545,346 shares of the utilities provider’s stock worth $120,441,000 after acquiring an additional 179,064 shares during the period. Finally, Forsta AP Fonden lifted its holdings in Consolidated Edison by 202.0% during the first quarter. Forsta AP Fonden now owns 244,298 shares of the utilities provider’s stock worth $19,041,000 after acquiring an additional 163,400 shares during the period. Institutional investors and hedge funds own 57.24% of the company’s stock.
NYSE:ED opened at $78.67 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.63 and a quick ratio of 0.57. Consolidated Edison, Inc. has a 1 year low of $71.12 and a 1 year high of $89.70. The firm has a market capitalization of $24.56 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 6.17 and a beta of 0.06.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Wednesday, August 15th will be given a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date is Tuesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 69.93%.
A number of analysts recently commented on the company. Scotiabank assumed coverage on Consolidated Edison in a report on Tuesday, July 24th. They set a “sell” rating and a $32.00 price target on the stock. Zacks Investment Research lowered Consolidated Edison from a “buy” rating to a “hold” rating in a report on Wednesday. Barclays assumed coverage on Consolidated Edison in a report on Tuesday, July 10th. They set an “equal weight” rating and a $81.00 price target on the stock. ValuEngine lowered Consolidated Edison from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Finally, Morgan Stanley lifted their price target on Consolidated Edison from $71.00 to $77.00 and gave the stock an “underweight” rating in a report on Monday, July 16th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $77.45.
About Consolidated Edison
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 3.4 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 1,600 customers in parts of Manhattan.
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