Fiduciary Trust Co. continued to hold its stake in Consolidated Edison Inc (NYSE:ED) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,084 shares of the utilities provider’s stock at the end of the second quarter. Fiduciary Trust Co.’s holdings in Consolidated Edison were worth $330,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently modified their holdings of ED. BlackRock Inc. lifted its holdings in Consolidated Edison by 1,771.1% in the 1st quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock worth $1,871,955,000 after buying an additional 22,816,233 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Consolidated Edison by 34.1% in the 1st quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock worth $270,138,000 after buying an additional 884,788 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Consolidated Edison by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock worth $1,654,504,000 after buying an additional 725,857 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Consolidated Edison by 145.9% in the 1st quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock worth $91,507,000 after buying an additional 699,200 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in Consolidated Edison by 28.0% in the 1st quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock worth $230,778,000 after buying an additional 649,615 shares in the last quarter. Hedge funds and other institutional investors own 55.09% of the company’s stock.
In related news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased a total of 471 shares of company stock valued at $39,202 in the last quarter. 0.20% of the stock is currently owned by corporate insiders.
A number of equities analysts have commented on ED shares. Morgan Stanley boosted their price objective on shares of Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a report on Thursday, August 10th. Jefferies Group LLC restated a “hold” rating and issued a $83.50 target price on shares of Consolidated Edison in a research note on Thursday, August 31st. BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research note on Thursday, May 18th. Finally, UBS AG upped their target price on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research note on Monday, May 15th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $77.12.
Consolidated Edison Inc (ED) opened at 85.53 on Friday. The company has a market cap of $26.14 billion, a PE ratio of 20.69 and a beta of 0.09. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $85.68. The firm has a 50-day moving average of $83.46 and a 200 day moving average of $80.66.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same quarter last year, the business earned $0.60 EPS. Equities research analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 66.67%.
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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