Joel Isaacson & Co. LLC trimmed its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 6.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,432 shares of the utilities provider’s stock after selling 794 shares during the period. Joel Isaacson & Co. LLC’s holdings in Consolidated Edison were worth $922,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. FMR LLC lifted its stake in shares of Consolidated Edison by 10.8% in the 1st quarter. FMR LLC now owns 246,856 shares of the utilities provider’s stock valued at $19,171,000 after purchasing an additional 24,052 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Consolidated Edison by 2.6% in 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. First Financial Equity Corporation acquired a new position in shares of Consolidated Edison in the 1st quarter valued at $291,000. Bfsg LLC acquired a new position in shares of Consolidated Edison in the 1st quarter valued at $1,626,000. Finally, D Orazio & Associates Inc. lifted its stake in shares of Consolidated Edison by 0.8% in the 1st quarter. D Orazio & Associates Inc. now owns 3,465 shares of the utilities provider’s stock valued at $269,000 after purchasing an additional 28 shares during the period. Institutional investors and hedge funds own 55.37% of the company’s stock.
Consolidated Edison Inc (ED) traded down $0.13 during midday trading on Wednesday, reaching $87.56. 631,962 shares of the company’s stock were exchanged, compared to its average volume of 1,462,546. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $87.70. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.79 and a quick ratio of 0.70. The firm has a market capitalization of $26,765.14, a PE ratio of 21.53, a P/E/G ratio of 7.01 and a beta of 0.10.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by ($0.07). The business had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.14 billion. Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. During the same period in the prior year, the company posted $1.51 EPS. equities research analysts anticipate that Consolidated Edison Inc will post 4.1 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.76 annualized dividend and a dividend yield of 3.15%. Consolidated Edison’s dividend payout ratio is presently 69.00%.
In other 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 sale, the chief executive officer now owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have bought 183 shares of company stock worth $15,248 in the last three months. Corporate insiders own 0.20% of the company’s stock.
ED has been the subject of several analyst reports. BidaskClub upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Zacks Investment Research raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a report on Monday, September 11th. Bank of America Corporation initiated coverage on shares of Consolidated Edison in a report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 price target for the company. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $83.50 price target on shares of Consolidated Edison in a report on Thursday, August 31st. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $78.96.
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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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