Retirement Systems of Alabama boosted its stake in Consolidated Edison Inc. (NYSE:ED) by 3.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 155,065 shares of the company’s stock after buying an additional 5,864 shares during the period. Retirement Systems of Alabama’s holdings in Consolidated Edison were worth $12,473,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of ED. USS Investment Management Ltd increased its position in shares of Consolidated Edison by 85.7% in the first quarter. USS Investment Management Ltd now owns 86,744 shares of the company’s stock worth $6,648,000 after buying an additional 40,027 shares during the period. NN Investment Partners Holdings N.V. bought a new position in shares of Consolidated Edison during the first quarter worth $2,794,000. Nikko Asset Management Americas Inc. bought a new position in shares of Consolidated Edison during the first quarter worth $337,000. Tobam increased its position in shares of Consolidated Edison by 47.7% in the first quarter. Tobam now owns 1,020,705 shares of the company’s stock worth $78,206,000 after buying an additional 329,419 shares during the period. Finally, BlackRock Japan Co. Ltd increased its position in shares of Consolidated Edison by 1.2% in the first quarter. BlackRock Japan Co. Ltd now owns 458,902 shares of the company’s stock worth $35,161,000 after buying an additional 5,324 shares during the period. Hedge funds and other institutional investors own 54.76% of the company’s stock.
Shares of Consolidated Edison Inc. (NYSE:ED) traded down 1.41% during midday trading on Monday, hitting $74.24. 1,937,322 shares of the stock were exchanged. The stock has a market cap of $22.60 billion, a P/E ratio of 19.24 and a beta of 0.01. The firm’s 50 day moving average price is $75.97 and its 200-day moving average price is $76.35. Consolidated Edison Inc. has a 52-week low of $60.30 and a 52-week high of $81.88.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.69 by $0.09. Consolidated Edison had a return on equity of 8.88% and a net margin of 9.47%. During the same period in the prior year, the company earned $0.78 earnings per share. On average, equities research analysts expect that Consolidated Edison Inc. 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 $0.67 dividend. The ex-dividend date of this dividend was Monday, August 15th. This represents a $2.68 annualized dividend and a yield of 3.61%. Consolidated Edison’s payout ratio is 69.25%.
A number of equities analysts recently weighed in on the stock. Goldman Sachs Group Inc. cut their price target on shares of Consolidated Edison from $72.00 to $70.00 and set a “sell” rating on the stock in a report on Wednesday, September 14th. Zacks Investment Research raised shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Tuesday, June 14th. Barclays PLC cut their price target on shares of Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 21st. Morgan Stanley set a $69.00 price target on shares of Consolidated Edison and gave the stock a “sell” rating in a report on Wednesday, September 21st. Finally, Vetr raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $77.14 price target on the stock in a report on Wednesday, September 14th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $74.83.
Consolidated Edison Company Profile
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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