Crossmark Global Holdings Inc. Takes $3.22 Million Position in Consolidated Edison Inc (ED)
Crossmark Global Holdings Inc. purchased a new stake in Consolidated Edison Inc (NYSE:ED) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 39,956 shares of the utilities provider’s stock, valued at approximately $3,224,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Armbruster Capital Management Inc. raised its stake in Consolidated Edison by 127.3% in the 2nd quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after acquiring an additional 700 shares during the period. WFG Advisors LP raised its stake in Consolidated Edison by 19.6% in the 2nd quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 214 shares during the period. Oakworth Capital Inc. raised its stake in Consolidated Edison by 10.5% in the 2nd quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after acquiring an additional 137 shares during the period. Enterprise Financial Services Corp raised its stake in Consolidated Edison by 6.0% in the 2nd quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock valued at $133,000 after acquiring an additional 93 shares during the period. Finally, Cypress Capital Management LLC WY raised its stake in Consolidated Edison by 491.7% in the 2nd quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock valued at $143,000 after acquiring an additional 1,475 shares during the period. Institutional investors and hedge funds own 55.32% of the company’s stock.
In other news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the sale, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have bought 79 shares of company stock worth $6,602. 0.20% of the stock is currently owned by insiders.
A number of equities research analysts recently weighed in on ED shares. Morgan Stanley increased their price target on Consolidated Edison from $78.00 to $80.00 and gave the company an “underweight” rating in a research note on Friday, September 8th. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a report on Monday, September 11th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $83.50 price objective on shares of Consolidated Edison in a report on Thursday, August 31st. BidaskClub raised Consolidated Edison from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. Finally, KeyCorp reaffirmed a “hold” rating on shares of Consolidated Edison in a report on Friday, October 20th. 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’s stock. Consolidated Edison has a consensus rating of “Hold” and an average price target of $78.96.
Shares of Consolidated Edison Inc (NYSE ED) opened at $87.04 on Friday. The firm has a market capitalization of $26.91 billion, a PE ratio of 21.65, a price-to-earnings-growth ratio of 7.09 and a beta of 0.10. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.76 and a quick ratio of 0.68.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.54 by ($0.07). The company had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.14 billion. Consolidated Edison had a return on equity of 8.52% and a net margin of 10.42%. During the same period last year, the company posted $1.51 earnings per share. equities research analysts anticipate that Consolidated Edison Inc will post 4.08 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.00%.
Consolidated Edison Company Profile
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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