Illinois Municipal Retirement Fund Sells 57,770 Shares of Consolidated Edison Inc $ED

Illinois Municipal Retirement Fund decreased its position in shares of Consolidated Edison Inc (NYSE:ED) by 29.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 139,942 shares of the utilities provider’s stock after selling 57,770 shares during the period. Illinois Municipal Retirement Fund’s holdings in Consolidated Edison were worth $14,043,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Atlantic Union Bankshares Corp boosted its stake in shares of Consolidated Edison by 46.7% during the second quarter. Atlantic Union Bankshares Corp now owns 3,714 shares of the utilities provider’s stock valued at $373,000 after purchasing an additional 1,183 shares in the last quarter. AG2R LA Mondiale Gestion D Actifs bought a new position in Consolidated Edison in the 1st quarter valued at approximately $1,631,000. RDA Financial Network acquired a new stake in Consolidated Edison during the 2nd quarter worth approximately $367,000. Nordea Investment Management AB boosted its position in Consolidated Edison by 11.4% during the 2nd quarter. Nordea Investment Management AB now owns 19,850 shares of the utilities provider’s stock worth $1,973,000 after buying an additional 2,027 shares during the period. Finally, Wesbanco Bank Inc. grew its holdings in Consolidated Edison by 39.8% during the 2nd quarter. Wesbanco Bank Inc. now owns 11,305 shares of the utilities provider’s stock worth $1,134,000 after acquiring an additional 3,218 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. New Street Research set a $106.00 price target on shares of Consolidated Edison in a research note on Monday, October 6th. Bank of America lowered Consolidated Edison from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Morgan Stanley lifted their target price on Consolidated Edison from $93.00 to $100.00 and gave the stock an “underweight” rating in a report on Wednesday, October 22nd. Barclays reduced their price target on Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating on the stock in a research report on Monday. Finally, Wells Fargo & Company raised Consolidated Edison to a “hold” rating in a research note on Tuesday, October 28th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $104.75.

Consolidated Edison Price Performance

ED stock opened at $98.29 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. The firm has a market cap of $35.45 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 2.70 and a beta of 0.32. The company’s fifty day simple moving average is $98.74 and its 200 day simple moving average is $101.42. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 6th. The utilities provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.14. The firm had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.22 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.During the same period last year, the company posted $1.68 EPS. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. On average, analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Wednesday, November 19th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, November 19th. This represents a $3.40 annualized dividend and a yield of 3.5%. Consolidated Edison’s payout ratio is 59.44%.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.