Korea Investment CORP Acquires 40,461 Shares of Consolidated Edison Inc (ED)
Korea Investment CORP raised its stake in Consolidated Edison Inc (NYSE:ED) by 108.0% during the second quarter, Holdings Channel reports. The firm owned 77,929 shares of the utilities provider’s stock after buying an additional 40,461 shares during the period. Korea Investment CORP’s holdings in Consolidated Edison were worth $6,298,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Stuart Chaussee & Associates Inc. increased its stake in shares of Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock worth $106,000 after buying an additional 795 shares during the last quarter. Oakworth Capital Inc. increased its stake in shares of Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after buying an additional 137 shares during the last quarter. Tompkins Financial Corp purchased a new stake in shares of Consolidated Edison during the first quarter worth approximately $118,000. 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 last quarter. Finally, Atwood & Palmer Inc. increased its stake in shares of Consolidated Edison by 195.8% in the first quarter. Atwood & Palmer Inc. now owns 1,813 shares of the utilities provider’s stock worth $141,000 after buying an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 55.61% of the company’s stock.
Consolidated Edison Inc (NYSE:ED) opened at 83.64 on Friday. The firm has a 50-day moving average of $82.05 and a 200-day moving average of $79.21. Consolidated Edison Inc has a one year low of $68.76 and a one year high of $85.13. The stock has a market capitalization of $25.57 billion, a PE ratio of 20.24 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same period in the prior year, the company posted $0.60 earnings per share. On average, equities research analysts forecast that Consolidated Edison Inc will post $4.09 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio is currently 66.67%.
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A number of equities research analysts recently commented on the stock. BMO Capital Markets restated a “hold” rating and issued a $80.00 price objective on shares of Consolidated Edison in a research report on Friday, May 5th. Zacks Investment Research downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Wednesday, May 24th. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and reduced their price objective for the company from $88.00 to $83.50 in a research report on Tuesday, June 13th. Finally, UBS AG raised their price objective on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research report on Monday, May 15th. Five investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $76.96.
In related news, Director Linda S. Sanford purchased 900 shares of Consolidated Edison stock in a transaction dated Wednesday, May 17th. The stock was bought at an average cost of $79.74 per share, with a total value of $71,766.00. Following the purchase, the director now owns 8,748 shares in the company, valued at approximately $697,565.52. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Over the last ninety days, insiders bought 1,319 shares of company stock valued at $106,510. Company 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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