Dupont Capital Management Corp Takes Position in Consolidated Edison Inc (ED)
Dupont Capital Management Corp purchased a new position in Consolidated Edison Inc (NYSE:ED) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,358 shares of the utilities provider’s stock, valued at approximately $191,000.
Other hedge funds have also made changes to their positions in the company. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Consolidated Edison by 13.1% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 25,413 shares of the utilities provider’s stock worth $1,973,000 after buying an additional 2,936 shares during the period. Wetherby Asset Management Inc. increased its stake in shares of Consolidated Edison by 35.9% in the first quarter. Wetherby Asset Management Inc. now owns 6,215 shares of the utilities provider’s stock worth $483,000 after buying an additional 1,641 shares during the period. Enterprise Financial Services Corp increased its stake in shares of Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock worth $121,000 after buying an additional 38 shares during the period. First Bank & Trust increased its stake in shares of Consolidated Edison by 4.8% in the first quarter. First Bank & Trust now owns 8,516 shares of the utilities provider’s stock worth $661,000 after buying an additional 390 shares during the period. Finally, Conning Inc. increased its stake in shares of Consolidated Edison by 0.9% in the first quarter. Conning Inc. now owns 7,668 shares of the utilities provider’s stock worth $595,000 after buying an additional 70 shares during the period. 55.07% of the stock is owned by institutional investors.
Shares of Consolidated Edison Inc (ED) opened at 84.08 on Thursday. The firm has a market cap of $25.70 billion, a PE ratio of 20.34 and a beta of 0.08. The stock’s 50 day moving average price is $82.53 and its 200-day moving average price is $80.00. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.13.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter last year, the firm earned $0.60 earnings per share. On average, equities research analysts anticipate that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a yield of 3.28%. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
A number of analysts have issued reports on the company. BidaskClub downgraded Consolidated Edison from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Morgan Stanley lifted their price target on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a report on Thursday, August 10th. Jefferies Group LLC downgraded Consolidated Edison from a “buy” rating to a “hold” rating and decreased their price target for the stock from $88.00 to $83.50 in a report on Tuesday, June 13th. Finally, Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Wednesday, June 14th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $76.96.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the transaction, the chief executive officer now directly owns 24,017 shares in the company, valued at $2,014,305.79. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders acquired 392 shares of company stock worth $32,600. Company insiders own 0.20% of the company’s stock.
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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