Arrowstreet Capital Limited Partnership increased its stake in Consolidated Edison Inc (NYSE:ED) by 4,340.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 186,500 shares of the utilities provider’s stock after buying an additional 182,300 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.06% of Consolidated Edison worth $15,073,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of ED. BlackRock Inc. lifted its position in shares of Consolidated Edison by 1,771.1% during the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock worth $1,871,955,000 after purchasing an additional 22,816,233 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Consolidated Edison by 6,358.2% during the second quarter. Janus Henderson Group PLC now owns 2,300,677 shares of the utilities provider’s stock worth $185,940,000 after purchasing an additional 2,265,053 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Consolidated Edison by 3.5% during the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock worth $1,654,504,000 after purchasing an additional 725,857 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Consolidated Edison by 145.9% during the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock worth $91,507,000 after purchasing an additional 699,200 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of Consolidated Edison by 28.0% during the first quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock worth $230,778,000 after purchasing an additional 649,615 shares during the last quarter. Institutional investors own 55.06% of the company’s stock.
Shares of Consolidated Edison Inc (NYSE ED) traded up 0.43% during trading on Thursday, hitting $83.20. The stock had a trading volume of 193,532 shares. Consolidated Edison Inc has a 12 month low of $68.76 and a 12 month high of $86.15. The company’s 50 day moving average price is $83.13 and its 200 day moving average price is $81.67. The stock has a market cap of $25.43 billion, a price-to-earnings ratio of 20.13 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.03). Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period in the previous year, the company posted $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 was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.33%. The ex-dividend date was Monday, August 14th. Consolidated Edison’s payout ratio is 66.67%.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following 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 document filed with the SEC, which is available through the SEC website. In the last three months, insiders have purchased 158 shares of company stock worth $13,022. 0.20% of the stock is owned by corporate insiders.
Several research firms have recently weighed in on ED. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. BidaskClub upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Finally, Evercore ISI downgraded Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 target price for the company. in a research report on Tuesday, September 26th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $77.77.
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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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