Natixis decreased its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 85.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,256 shares of the utilities provider’s stock after selling 74,738 shares during the period. Natixis’ holdings in Consolidated Edison were worth $956,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of ED. Cordasco Financial Network boosted its holdings in Consolidated Edison by 160.0% during the second quarter. Cordasco Financial Network now owns 1,300 shares of the utilities provider’s stock worth $101,000 after purchasing an additional 800 shares during the last quarter. Itau Unibanco Holding S.A. boosted its holdings in Consolidated Edison by 385.5% during the second quarter. Itau Unibanco Holding S.A. now owns 1,442 shares of the utilities provider’s stock worth $112,000 after purchasing an additional 1,145 shares during the last quarter. Peak Capital Management LLC acquired a new position in Consolidated Edison during the second quarter worth $114,000. First Mercantile Trust Co. acquired a new position in Consolidated Edison during the second quarter worth $123,000. Finally, Bruderman Asset Management LLC acquired a new position in Consolidated Edison during the first quarter worth $130,000. 58.61% of the stock is owned by institutional investors.
ED has been the subject of a number of recent analyst reports. Scotiabank initiated coverage on shares of Consolidated Edison in a research note on Tuesday, July 24th. They issued a “sell” rating and a $32.00 price target for the company. Morgan Stanley increased their price target on shares of Consolidated Edison from $77.00 to $81.00 and gave the company a “sell” rating in a research note on Tuesday, September 11th. Zacks Investment Research cut shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Thursday, October 4th. UBS Group increased their price target on shares of Consolidated Edison from $83.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday, September 21st. Finally, Barclays initiated coverage on shares of Consolidated Edison in a research note on Tuesday, July 10th. They issued an “equal weight” rating and a $81.00 price target for the company. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $77.56.
Shares of ED traded down $0.82 during trading hours on Friday, hitting $75.23. The company had a trading volume of 2,338,620 shares, compared to its average volume of 1,905,720. The firm has a market capitalization of $23.70 billion, a PE ratio of 18.39, a PEG ratio of 5.96 and a beta of 0.02. Consolidated Edison, Inc. has a 12 month low of $71.12 and a 12 month high of $89.70. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.63 and a quick ratio of 0.57.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.04. The company had revenue of $2.70 billion for the quarter, compared to analyst estimates of $2.64 billion. Consolidated Edison had a net margin of 12.90% and a return on equity of 8.52%. During the same period in the prior year, the firm earned $0.58 earnings per share. Analysts predict that Consolidated Edison, Inc. will post 4.26 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Wednesday, August 15th were given a $0.715 dividend. This represents a $2.86 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend was Tuesday, August 14th. Consolidated Edison’s payout ratio is presently 69.93%.
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 3.4 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 1,600 customers in parts of Manhattan.
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