Consolidated Edison Inc (NYSE:ED) Stake Reduced by Bessemer Group Inc.
Bessemer Group Inc. decreased its stake in Consolidated Edison Inc (NYSE:ED) by 2.1% during the second quarter, Holdings Channel reports. The fund owned 24,432 shares of the utilities provider’s stock after selling 523 shares during the period. Bessemer Group Inc.’s holdings in Consolidated Edison were worth $1,974,000 as of its most recent filing with the SEC.
Other large investors have also bought and sold shares of the company. Janney Montgomery Scott LLC boosted its stake in Consolidated Edison by 0.9% in the second quarter. Janney Montgomery Scott LLC now owns 67,721 shares of the utilities provider’s stock valued at $5,473,000 after buying an additional 606 shares during the last quarter. DT Investment Partners LLC boosted its stake in Consolidated Edison by 18.6% in the second quarter. DT Investment Partners LLC now owns 12,837 shares of the utilities provider’s stock valued at $1,038,000 after buying an additional 2,017 shares during the last quarter. IBM Retirement Fund boosted its stake in Consolidated Edison by 120.6% in the second quarter. IBM Retirement Fund now owns 7,505 shares of the utilities provider’s stock valued at $678,000 after buying an additional 4,103 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in Consolidated Edison by 99.1% in the second quarter. Municipal Employees Retirement System of Michigan now owns 19,570 shares of the utilities provider’s stock valued at $1,581,000 after buying an additional 9,740 shares during the last quarter. Finally, Cubic Asset Management LLC boosted its stake in Consolidated Edison by 6.7% in the second quarter. Cubic Asset Management LLC now owns 7,930 shares of the utilities provider’s stock valued at $641,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 55.61% of the company’s stock.
Shares of Consolidated Edison Inc (NYSE ED) opened at 83.64 on Friday. The stock has a market cap of $25.57 billion, a PE ratio of 20.24 and a beta of 0.08. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $85.13. The firm has a 50-day moving average price of $82.05 and a 200-day moving average price of $79.21.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS 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 for the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the business earned $0.60 EPS. On average, analysts forecast that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio is presently 66.67%.
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Several equities research analysts recently weighed in on the company. Morgan Stanley boosted their target price on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a research note on Thursday. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday. BidaskClub upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Jefferies Group LLC cut Consolidated Edison from a “buy” rating to a “hold” rating and decreased their target price for the stock from $88.00 to $83.50 in a research note on Tuesday, June 13th. Five 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 a consensus price target of $76.96.
In other news, Director Linda S. Sanford bought 900 shares of Consolidated Edison stock in a transaction on Wednesday, May 17th. The shares were bought at an average price of $79.74 per share, with a total value of $71,766.00. Following the acquisition, the director now directly owns 8,748 shares in the company, valued at approximately $697,565.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have acquired 1,319 shares of company stock worth $106,510. 0.20% of the stock is currently 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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