Kovitz Investment Group Partners LLC Has $1.14 Million Stake in Consolidated Edison Inc (NYSE:ED)
Kovitz Investment Group Partners LLC lowered its position in Consolidated Edison Inc (NYSE:ED) by 30.0% during the second quarter, Holdings Channel reports. The fund owned 14,132 shares of the utilities provider’s stock after selling 6,050 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Consolidated Edison were worth $1,142,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Armbruster Capital Management Inc. raised its stake in Consolidated Edison by 127.3% in the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after buying an additional 700 shares in the last quarter. Stuart Chaussee & Associates Inc. raised its stake in Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares in the last quarter. Oakworth Capital Inc. raised its stake in Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after buying an additional 137 shares in the last quarter. Tompkins Financial Corp purchased a new stake in Consolidated Edison during the first quarter valued at about $118,000. Finally, Enterprise Financial Services Corp raised its stake in Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock valued at $121,000 after buying an additional 38 shares in the last quarter. Hedge funds and other institutional investors own 55.61% of the company’s stock.
Consolidated Edison Inc (NYSE ED) opened at 83.64 on Friday. The company has a market cap of $25.57 billion, a P/E 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 company has a 50-day moving average of $82.05 and a 200 day moving average of $79.21.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same period last year, the company posted $0.60 EPS. On average, equities analysts forecast that Consolidated Edison Inc will post $4.09 EPS for the current fiscal year.
The firm also recently disclosed 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. The ex-dividend date is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio (DPR) is 66.67%.
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Several research firms recently issued reports on ED. BMO Capital Markets reiterated a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a research report on Friday, May 5th. Zacks Investment Research lowered 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 lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and reduced their price target for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Finally, UBS AG increased their price target on shares of Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research report on Monday, May 15th. Five equities research 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 target price of $76.96.
In other Consolidated Edison news, Director Linda S. Sanford acquired 900 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was bought at an average price of $79.74 per share, with a total value of $71,766.00. Following the purchase, the director now owns 8,748 shares of the company’s stock, valued at $697,565.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought a total of 1,319 shares of company stock valued at $106,510 in the last ninety days. 0.20% of the stock is owned by corporate 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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