ING Groep NV increased its stake in shares of Consolidated Edison Inc. (NYSE:ED) by 19.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,806 shares of the company’s stock after buying an additional 16,177 shares during the period. ING Groep NV’s holdings in Consolidated Edison were worth $7,947,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Renaissance Technologies LLC increased its position in Consolidated Edison by 66.8% in the first quarter. Renaissance Technologies LLC now owns 825,300 shares of the company’s stock valued at $63,234,000 after buying an additional 330,600 shares during the period. Royal Bank of Canada raised its stake in shares of Consolidated Edison by 45.6% in the first quarter. Royal Bank of Canada now owns 761,325 shares of the company’s stock valued at $58,333,000 after buying an additional 238,503 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Consolidated Edison by 4.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,188,314 shares of the company’s stock valued at $95,585,000 after buying an additional 52,875 shares in the last quarter. Shell Asset Management Co. raised its stake in shares of Consolidated Edison by 3.7% in the second quarter. Shell Asset Management Co. now owns 182,666 shares of the company’s stock valued at $14,694,000 after buying an additional 6,581 shares in the last quarter. Finally, Ngam Advisors L.P. raised its stake in shares of Consolidated Edison by 27.5% in the first quarter. Ngam Advisors L.P. now owns 15,709 shares of the company’s stock valued at $1,204,000 after buying an additional 3,389 shares in the last quarter. Institutional investors and hedge funds own 54.76% of the company’s stock.
Shares of Consolidated Edison Inc. (NYSE:ED) traded down 1.41% during midday trading on Monday, reaching $74.24. The company’s stock had a trading volume of 1,937,322 shares. Consolidated Edison Inc. has a 12 month low of $60.30 and a 12 month high of $81.88. The stock has a market capitalization of $22.60 billion, a P/E ratio of 19.24 and a beta of 0.01. The stock’s 50-day moving average is $75.97 and its 200 day moving average is $76.35.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period last year, the firm posted $0.78 EPS. On average, analysts expect that Consolidated Edison Inc. will post $3.97 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were given a dividend of $0.67 per share. The ex-dividend date was Monday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 3.61%. Consolidated Edison’s payout ratio is 69.25%.
Several equities research analysts have commented on ED shares. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Tuesday, June 14th. Morgan Stanley set a $69.00 price target on Consolidated Edison and gave the stock a “sell” rating in a research note on Wednesday, September 21st. Jefferies Group upped their price target on Consolidated Edison to $80.00 and gave the stock a “hold” rating in a research note on Thursday, July 14th. Vetr lowered Consolidated Edison from a “hold” rating to a “sell” rating and set a $73.97 price target for the company. in a research note on Tuesday, September 6th. Finally, Mizuho upped their price target on Consolidated Edison from $72.00 to $75.00 and gave the stock a “neutral” rating in a research note on Monday, August 8th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $74.83.
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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