Consolidated Edison Inc (NYSE:ED) Shares Sold by First Trust Advisors LP
First Trust Advisors LP reduced its position in shares of Consolidated Edison Inc (NYSE:ED) by 7.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,268,752 shares of the utilities provider’s stock after selling 99,416 shares during the period. First Trust Advisors LP’s holdings in Consolidated Edison were worth $102,541,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in ED. Gulf International Bank UK Ltd raised its stake in Consolidated Edison by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 94,744 shares of the utilities provider’s stock worth $7,357,000 after buying an additional 1,350 shares in the last quarter. National Pension Service raised its stake in Consolidated Edison by 7.7% in the first quarter. National Pension Service now owns 253,981 shares of the utilities provider’s stock worth $19,744,000 after buying an additional 18,207 shares in the last quarter. Bank of Montreal Can raised its stake in Consolidated Edison by 7.9% in the first quarter. Bank of Montreal Can now owns 673,320 shares of the utilities provider’s stock worth $52,290,000 after buying an additional 49,129 shares in the last quarter. CrestPoint Capital Management LLC bought a new stake in Consolidated Edison during the first quarter worth $396,000. Finally, Private Trust Co. NA raised its stake in Consolidated Edison by 11.5% in the first quarter. Private Trust Co. NA now owns 6,390 shares of the utilities provider’s stock worth $496,000 after buying an additional 659 shares in the last quarter. 55.61% of the stock is currently owned by institutional investors.
Consolidated Edison Inc (ED) opened at 82.87 on Friday. Consolidated Edison Inc has a 1-year low of $68.76 and a 1-year high of $85.13. The firm has a market cap of $25.33 billion, a P/E ratio of 20.05 and a beta of 0.08. The firm has a 50-day moving average of $82.01 and a 200 day moving average of $79.28.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period last year, the firm earned $0.60 EPS. On average, analysts predict that Consolidated Edison Inc will post $4.09 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s payout ratio is currently 66.67%.
A number of analysts have recently weighed in on ED shares. Morgan Stanley upped their price objective on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a research report on Thursday. UBS AG upped their price objective on Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research report on Monday, May 8th. BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. 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 report on Thursday, May 18th. Finally, Deutsche Bank AG lowered Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price objective on the stock. in a research report on Monday, May 8th. Five equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. Consolidated Edison currently has an average rating of “Hold” and an average target price of $76.96.
In related news, Director Linda S. Sanford bought 900 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was bought 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 of the company’s stock, valued at $697,565.52. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders bought a total of 1,319 shares of company stock valued at $106,510 in the last three months. 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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