Quantbot Technologies LP Takes $3.39 Million Position in Consolidated Edison Inc (ED)
Quantbot Technologies LP acquired a new stake in Consolidated Edison Inc (NYSE:ED) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 42,058 shares of the utilities provider’s stock, valued at approximately $3,393,000.
A number of other hedge funds also recently made changes to their positions in ED. Fiera Capital Corp grew its stake in shares of Consolidated Edison by 0.3% in the second quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock worth $395,000 after acquiring an additional 13 shares during the last quarter. Sabal Trust CO grew its stake in shares of Consolidated Edison by 0.6% in the second quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock worth $219,000 after acquiring an additional 15 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Consolidated Edison by 0.6% in the second quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after acquiring an additional 18 shares during the last quarter. Financial Architects Inc grew its stake in shares of Consolidated Edison by 0.6% in the second quarter. Financial Architects Inc now owns 3,378 shares of the utilities provider’s stock worth $273,000 after acquiring an additional 19 shares during the last quarter. Finally, United Asset Strategies Inc. grew its stake in shares of Consolidated Edison by 0.3% in the second quarter. United Asset Strategies Inc. now owns 6,749 shares of the utilities provider’s stock worth $545,000 after acquiring an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 55.30% of the company’s stock.
Consolidated Edison Inc (ED) traded down $0.66 during mid-day trading on Friday, reaching $87.36. The company’s stock had a trading volume of 2,826,200 shares, compared to its average volume of 1,499,024. Consolidated Edison Inc has a 52 week low of $68.85 and a 52 week high of $89.58. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.70 and a current ratio of 0.79. The company has a market capitalization of $27,292.25, a P/E ratio of 21.95, a price-to-earnings-growth ratio of 7.17 and a beta of 0.10.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.07). Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. The firm had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.14 billion. During the same period in the prior year, the company posted $1.51 EPS. sell-side analysts anticipate that Consolidated Edison Inc will post 4.09 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio is 69.00%.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the transaction, the chief executive officer now owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders acquired 183 shares of company stock worth $15,248. 0.20% of the stock is owned by corporate insiders.
Several equities research analysts recently commented on the company. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $98.00 price objective on the stock in a research report on Tuesday. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Bank of America Corporation assumed coverage on Consolidated Edison in a research report on Tuesday, October 24th. They set a “buy” rating and a $92.00 price objective on the stock. KeyCorp reaffirmed a “hold” rating on shares of Consolidated Edison in a research report on Friday, October 20th. Finally, Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price objective on the stock. in a research report on Tuesday, September 26th. Five analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $80.32.
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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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