Consolidated Edison Inc (ED) Position Raised by Global X Management Co. LLC
Global X Management Co. LLC raised its position in shares of Consolidated Edison Inc (NYSE:ED) by 3.6% during the second quarter, Holdings Channel reports. The institutional investor owned 120,590 shares of the utilities provider’s stock after buying an additional 4,159 shares during the period. Global X Management Co. LLC’s holdings in Consolidated Edison were worth $9,746,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. increased its position in shares of Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock worth $1,871,955,000 after buying an additional 22,816,233 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock worth $270,138,000 after buying an additional 884,788 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock worth $1,654,504,000 after buying an additional 725,857 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock worth $91,507,000 after buying an additional 699,200 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Consolidated Edison by 28.0% in the first quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock worth $230,778,000 after buying an additional 649,615 shares in the last quarter. 55.61% of the stock is currently owned by institutional investors.
Shares of Consolidated Edison Inc (ED) opened at 83.26 on Thursday. 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 price of $82.08 and a 200 day moving average price of $79.18. The stock has a market capitalization of $25.43 billion, a P/E ratio of 19.18 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. On average, equities research analysts expect that Consolidated Edison Inc will post $4.09 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be issued 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 3.31%. Consolidated Edison’s payout ratio is currently 66.67%.
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A number of research analysts have recently issued reports on ED shares. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research note on Thursday, May 18th. Deutsche Bank AG downgraded Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price objective on the stock. in a research note on Monday, May 8th. Barclays PLC reissued an “equal weight” rating and issued a $82.00 price objective (up from $76.00) on shares of Consolidated Edison in a research note on Sunday, April 23rd. BMO Capital Markets reaffirmed a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a research note on Monday, May 15th. Finally, Morgan Stanley upped their price target on Consolidated Edison from $77.00 to $78.00 and gave the stock an “underweight” rating in a research note on Monday, May 8th. Five investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $76.96.
In other news, Director Linda S. Sanford acquired 900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was bought at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the acquisition, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders purchased 1,319 shares of company stock valued at $106,510. 0.20% of the stock is owned by company insiders.
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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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