Holderness Investments Co. lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 6.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,375 shares of the utilities provider’s stock after selling 500 shares during the quarter. Holderness Investments Co.’s holdings in Consolidated Edison were worth $647,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Coastal Capital Group Inc. bought a new stake in Consolidated Edison during the 2nd quarter worth about $26,000. Field & Main Bank bought a new stake in Consolidated Edison during the 1st quarter worth about $30,000. Willingdon Wealth Management bought a new stake in Consolidated Edison during the 1st quarter worth about $31,000. Financial Gravity Wealth Inc. bought a new stake in Consolidated Edison during the 1st quarter worth about $32,000. Finally, Interactive Financial Advisors bought a new stake in Consolidated Edison during the 1st quarter worth about $34,000. 58.34% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on ED shares. Barclays reissued a “hold” rating and set a $90.00 price objective on shares of Consolidated Edison in a report on Thursday, June 20th. Credit Suisse Group cut their target price on shares of Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating on the stock in a research report on Thursday, August 8th. Morgan Stanley cut their target price on shares of Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating on the stock in a research report on Friday. KeyCorp began coverage on shares of Consolidated Edison in a research report on Tuesday, June 4th. They set a “sector weight” rating on the stock. Finally, Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and cut their target price for the company from $96.00 to $94.00 in a research report on Friday, April 26th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $84.73.
Consolidated Edison stock traded up $0.23 during trading hours on Friday, reaching $87.20. 1,211,900 shares of the company’s stock traded hands, compared to its average volume of 1,603,226. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.62. Consolidated Edison, Inc. has a fifty-two week low of $73.29 and a fifty-two week high of $90.51. The firm has a market capitalization of $28.96 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 9.90 and a beta of 0.10. The firm’s 50 day moving average is $87.34 and its 200-day moving average is $85.13.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the previous year, the company posted $0.61 earnings per share. Analysts predict that Consolidated Edison, Inc. will post 4.34 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be given a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.39%. Consolidated Edison’s dividend payout ratio is 68.52%.
Consolidated Edison Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.
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