Highstreet Asset Management Inc. Takes Position in Consolidated Edison Inc (ED)

Highstreet Asset Management Inc. purchased a new position in Consolidated Edison Inc (NYSE:ED) during the second quarter, according to its most recent filing with the SEC. The fund purchased 7,588 shares of the utilities provider’s stock, valued at approximately $614,000.

Other institutional investors have also recently added to or reduced their stakes in the company. CAPROCK Group Inc. boosted its position in Consolidated Edison by 0.9% in the first quarter. CAPROCK Group Inc. now owns 4,246 shares of the utilities provider’s stock worth $330,000 after buying an additional 36 shares in the last quarter. Candriam Luxembourg S.C.A. raised its stake in shares of Consolidated Edison by 24.9% in the first quarter. Candriam Luxembourg S.C.A. now owns 23,316 shares of the utilities provider’s stock worth $1,811,000 after buying an additional 4,650 shares during the last quarter. Dalton Greiner Hartman Maher & Co. raised its stake in shares of Consolidated Edison by 4.3% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 4,628 shares of the utilities provider’s stock worth $359,000 after buying an additional 189 shares during the last quarter. Hexavest Inc. raised its stake in shares of Consolidated Edison by 44.9% in the first quarter. Hexavest Inc. now owns 980,872 shares of the utilities provider’s stock worth $76,175,000 after buying an additional 303,977 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Consolidated Edison by 40.7% in the first quarter. State of Alaska Department of Revenue now owns 64,564 shares of the utilities provider’s stock worth $5,013,000 after buying an additional 18,691 shares during the last quarter. 54.90% of the stock is owned by hedge funds and other institutional investors.

Shares of Consolidated Edison Inc (NYSE:ED) opened at 83.02 on Friday. Consolidated Edison Inc has a 12-month low of $68.76 and a 12-month high of $85.13. The stock has a 50 day moving average of $82.00 and a 200 day moving average of $79.57. The company has a market cap of $25.38 billion, a price-to-earnings ratio of 20.09 and a beta of 0.08.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations 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 last year, the business earned $0.60 EPS. Analysts forecast that Consolidated Edison Inc will post $4.09 earnings per share for the current 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. This represents a $2.76 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s payout ratio is 66.67%.

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A number of equities research analysts recently weighed in on the stock. UBS AG lifted their price objective on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a report on Monday, May 8th. Zacks Investment Research lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. BidaskClub lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. BMO Capital Markets reiterated a “hold” rating and set a $80.00 price objective on shares of Consolidated Edison in a report on Monday, May 15th. Finally, Deutsche Bank AG lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price objective for the company. in a report on Monday, May 8th. Five research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $76.96.

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).

Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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