Consolidated Edison, Inc. (NYSE:ED) was the recipient of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 10,685,859 shares, a decline of 21.2% from the August 15th total of 13,560,821 shares. Approximately 3.5% of the shares of the company are sold short. Based on an average daily volume of 1,658,161 shares, the short-interest ratio is presently 6.4 days.
Shares of Consolidated Edison (NYSE:ED) opened at 78.68 on Friday. The firm has a market capitalization of $23.95 billion and a P/E ratio of 20.39. The firm has a 50-day moving average of $76.23 and a 200-day moving average of $76.18. Consolidated Edison has a one year low of $60.30 and a one year high of $81.88.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same quarter in the previous year, the business earned $0.78 EPS. On average, equities analysts predict that Consolidated Edison will post $3.97 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Monday, August 15th. Consolidated Edison’s payout ratio is 69.25%.
ED has been the subject of several recent research reports. Jefferies Group upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Wednesday, September 14th. Vetr upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $77.14 price target for the company in a research report on Wednesday, September 14th. Barclays PLC lowered their price target on shares of Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday. BMO Capital Markets initiated coverage on shares of Consolidated Edison in a research report on Wednesday, June 22nd. They set a “hold” rating and a $79.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Tuesday, June 14th. Five analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $74.51.
A number of institutional investors have recently modified their holdings of the stock. Evercore Wealth Management LLC raised its position in shares of Consolidated Edison by 22.5% in the second quarter. Evercore Wealth Management LLC now owns 8,504 shares of the company’s stock valued at $684,000 after buying an additional 1,560 shares during the last quarter. Macquarie Group Ltd. raised its position in Consolidated Edison by 5.0% in the second quarter. Macquarie Group Ltd. now owns 84,600 shares of the company’s stock valued at $6,805,000 after buying an additional 4,000 shares in the last quarter. Williams Jones & Associates LLC raised its position in Consolidated Edison by 55.1% in the second quarter. Williams Jones & Associates LLC now owns 2,947 shares of the company’s stock valued at $237,000 after buying an additional 1,047 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Consolidated Edison during the second quarter valued at about $988,000. Finally, Kentucky Retirement Systems purchased a new position in Consolidated Edison during the second quarter valued at about $2,081,000. 54.76% of the stock is currently owned by institutional investors.
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) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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