Consolidated Edison Inc (ED) Stake Reduced by Strs Ohio
Strs Ohio lowered its position in Consolidated Edison Inc (NYSE:ED) by 21.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,068 shares of the utilities provider’s stock after selling 8,555 shares during the period. Strs Ohio’s holdings in Consolidated Edison were worth $2,591,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Shell Asset Management Co. increased its position in Consolidated Edison by 1.0% in the second quarter. Shell Asset Management Co. now owns 151,984 shares of the utilities provider’s stock valued at $12,283,000 after buying an additional 1,496 shares during the last quarter. Balasa Dinverno & Foltz LLC increased its position in Consolidated Edison by 2.1% in the second quarter. Balasa Dinverno & Foltz LLC now owns 5,911 shares of the utilities provider’s stock valued at $478,000 after buying an additional 124 shares during the last quarter. Clarkston Capital Partners LLC bought a new position in Consolidated Edison during the second quarter valued at about $321,000. Acadian Asset Management LLC bought a new position in Consolidated Edison during the second quarter valued at about $267,000. Finally, Parametrica Management Ltd bought a new position in Consolidated Edison during the second quarter valued at about $298,000. 55.61% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Consolidated Edison Inc (NYSE:ED) opened at 83.26 on Thursday. The firm has a market capitalization of $25.43 billion, a PE ratio of 19.18 and a beta of 0.08. Consolidated Edison Inc has a 12 month low of $68.76 and a 12 month high of $85.13. The firm’s 50 day moving average is $82.08 and its 200-day moving average is $79.18.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same period last year, the company posted $0.60 EPS. On average, analysts expect that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
Several equities analysts have issued reports on the stock. UBS AG increased their price objective on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a report on Monday, May 8th. Zacks Investment Research cut shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. BidaskClub cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Saturday, July 1st. BMO Capital Markets reiterated a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a research report on Monday, May 15th. Finally, Deutsche Bank AG cut shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 target price for the company. in a research report on Monday, May 8th. Five analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $76.96.
In other Consolidated Edison news, Director Linda S. Sanford bought 900 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was purchased at an average price of $79.74 per share, with a total value of $71,766.00. Following the transaction, the director now owns 8,748 shares in the company, valued at $697,565.52. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have purchased 1,319 shares of company stock valued at $106,510. Corporate insiders own 0.20% of the company’s stock.
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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