Rockland Trust Co. Increases Holdings in Consolidated Edison Inc (ED)
Rockland Trust Co. boosted its position in Consolidated Edison Inc (NYSE:ED) by 2.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 57,644 shares of the utilities provider’s stock after purchasing an additional 1,279 shares during the period. Rockland Trust Co.’s holdings in Consolidated Edison were worth $4,651,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in ED. FMR LLC boosted its position in Consolidated Edison by 10.8% in the first quarter. FMR LLC now owns 246,856 shares of the utilities provider’s stock worth $19,171,000 after purchasing an additional 24,052 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Consolidated Edison by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 604,894 shares of the utilities provider’s stock valued at $46,977,000 after purchasing an additional 15,382 shares during the period. Edgestream Partners L.P. raised its stake in Consolidated Edison by 188.9% during the 1st quarter. Edgestream Partners L.P. now owns 9,041 shares of the utilities provider’s stock valued at $702,000 after purchasing an additional 5,912 shares during the period. Flagship Harbor Advisors LLC raised its stake in Consolidated Edison by 24.8% during the 1st quarter. Flagship Harbor Advisors LLC now owns 3,993 shares of the utilities provider’s stock valued at $314,000 after purchasing an additional 793 shares during the period. Finally, B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund bought a new stake in Consolidated Edison during the 1st quarter valued at approximately $10,096,000. 55.37% of the stock is currently owned by institutional investors and hedge funds.
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In other news, CEO Joseph P. Oates sold 1,908 shares of Consolidated Edison stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the transaction, the chief executive officer now owns 24,017 shares in the company, valued at approximately $2,014,305.79. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders acquired 79 shares of company stock worth $6,602. Corporate insiders own 0.20% of the company’s stock.
Consolidated Edison Inc (NYSE ED) traded down $0.08 during trading hours on Monday, reaching $86.96. The company’s stock had a trading volume of 543,750 shares, compared to its average volume of 1,455,155. The company has a current ratio of 0.79, a quick ratio of 0.70 and a debt-to-equity ratio of 0.97. Consolidated Edison Inc has a 1-year low of $68.76 and a 1-year high of $87.58. The company has a market cap of $26,988.39, a P/E ratio of 21.71, a price-to-earnings-growth ratio of 7.09 and a beta of 0.10.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.54 by ($0.07). Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. 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 previous year, the firm earned $1.51 EPS. equities research analysts expect that Consolidated Edison Inc will post 4.09 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date is Tuesday, November 14th. Consolidated Edison’s payout ratio is 69.00%.
ED has been the topic of several recent analyst reports. BidaskClub raised Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $95.00 target price on the stock in a research note on Monday, September 11th. Bank of America Corporation initiated coverage on Consolidated Edison in a research note on Tuesday, October 24th. They set a “buy” rating and a $92.00 target price on the stock. Finally, Jefferies Group LLC reissued a “hold” rating and set a $83.50 target price on shares of Consolidated Edison in a research note on Thursday, August 31st. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Consolidated Edison has a consensus rating of “Hold” and an average target price of $78.96.
Consolidated Edison 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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