Russell Investments Group Ltd. increased its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 5.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 397,372 shares of the utilities provider’s stock after acquiring an additional 19,877 shares during the period. Russell Investments Group Ltd. owned about 0.13% of Consolidated Edison worth $32,055,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of ED. Girard Partners LTD. grew its holdings in shares of Consolidated Edison by 91.9% in the second quarter. Girard Partners LTD. now owns 5,578 shares of the utilities provider’s stock valued at $451,000 after acquiring an additional 2,671 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Consolidated Edison by 1.8% in the second quarter. PNC Financial Services Group Inc. now owns 560,190 shares of the utilities provider’s stock worth $45,274,000 after buying an additional 9,825 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Consolidated Edison in the second quarter worth $3,562,000. Lazard Asset Management LLC raised its position in shares of Consolidated Edison by 129.8% in the second quarter. Lazard Asset Management LLC now owns 380,193 shares of the utilities provider’s stock worth $30,726,000 after buying an additional 214,717 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Consolidated Edison by 2.4% during the second quarter. Vanguard Group Inc. now owns 21,821,324 shares of the utilities provider’s stock valued at $1,763,600,000 after purchasing an additional 516,860 shares in the last quarter. Institutional investors and hedge funds own 55.69% of the company’s stock.
Several research firms have weighed in on ED. Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price objective on the stock. in a research report on Tuesday, September 26th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Monday, October 2nd. Morgan Stanley upped their target price 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. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Finally, BidaskClub raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $80.32.
Consolidated Edison, Inc. (NYSE:ED) traded up $0.02 on Thursday, reaching $88.49. 1,107,464 shares of the company were exchanged, compared to its average volume of 1,513,386. The company has a quick ratio of 0.70, a current ratio of 0.79 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $27,292.25, a price-to-earnings ratio of 21.95, a PEG ratio of 7.17 and a beta of 0.10. Consolidated Edison, Inc. has a 52-week low of $69.33 and a 52-week high of $89.58.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing the 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 business had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the previous year, the company earned $1.51 earnings per share. equities analysts anticipate that Consolidated Edison, Inc. will post 4.09 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Tuesday, November 14th. Consolidated Edison’s payout ratio is 69.00%.
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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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