Patton Fund Management Inc. Sells 26,827 Shares of Consolidated Edison Inc $ED

Patton Fund Management Inc. reduced its stake in Consolidated Edison Inc (NYSE:ED) by 91.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,492 shares of the utilities provider’s stock after selling 26,827 shares during the quarter. Patton Fund Management Inc.’s holdings in Consolidated Edison were worth $250,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in ED. Atlantic Union Bankshares Corp grew its position in shares of Consolidated Edison by 46.7% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 3,714 shares of the utilities provider’s stock worth $373,000 after purchasing an additional 1,183 shares in the last quarter. ATLAS Infrastructure Partners UK Ltd. boosted its stake in shares of Consolidated Edison by 4.8% in the second quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,409,288 shares of the utilities provider’s stock valued at $241,772,000 after buying an additional 110,666 shares during the period. AG2R LA Mondiale Gestion D Actifs acquired a new stake in Consolidated Edison during the first quarter worth approximately $1,631,000. Texas Yale Capital Corp. increased its stake in Consolidated Edison by 41.8% during the 2nd quarter. Texas Yale Capital Corp. now owns 16,627 shares of the utilities provider’s stock worth $1,669,000 after acquiring an additional 4,900 shares during the period. Finally, Mediolanum International Funds Ltd raised its holdings in Consolidated Edison by 65.5% in the 2nd quarter. Mediolanum International Funds Ltd now owns 14,502 shares of the utilities provider’s stock valued at $1,423,000 after acquiring an additional 5,742 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the topic of several analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday. UBS Group decreased their target price on shares of Consolidated Edison from $112.00 to $104.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Morgan Stanley set a $92.00 price target on shares of Consolidated Edison in a report on Tuesday, December 16th. KeyCorp decreased their price objective on shares of Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a research note on Friday, December 12th. Finally, JPMorgan Chase & Co. cut their target price on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a research note on Friday, December 12th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $102.54.

Insiders Place Their Bets

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the completion of the transaction, the director directly owned 38,661 shares in the company, valued at approximately $3,745,864.29. This represents a 5.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by insiders.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $98.93 on Wednesday. The company’s 50 day moving average price is $99.05 and its two-hundred day moving average price is $99.92. The firm has a market capitalization of $35.71 billion, a P/E ratio of 17.30, a P/E/G ratio of 2.85 and a beta of 0.37. Consolidated Edison Inc has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.22 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.During the same period in the prior year, the company earned $1.68 EPS. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. On average, equities analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Wednesday, November 19th were issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Wednesday, November 19th. Consolidated Edison’s dividend payout ratio (DPR) is 59.44%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.