Cubist Systematic Strategies LLC Purchases New Holdings in Consolidated Edison Inc (ED)

Cubist Systematic Strategies LLC bought a new stake in Consolidated Edison Inc (NYSE:ED) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,757 shares of the utilities provider’s stock, valued at approximately $708,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ED. ARGI Investment Services LLC grew its stake in Consolidated Edison by 3.6% during the first quarter. ARGI Investment Services LLC now owns 29,158 shares of the utilities provider’s stock worth $2,264,000 after buying an additional 1,002 shares during the period. Kings Point Capital Management grew its stake in Consolidated Edison by 4.6% during the first quarter. Kings Point Capital Management now owns 2,658 shares of the utilities provider’s stock worth $206,000 after buying an additional 116 shares during the period. Covington Investment Advisors Inc. grew its stake in Consolidated Edison by 17.9% during the first quarter. Covington Investment Advisors Inc. now owns 5,240 shares of the utilities provider’s stock worth $407,000 after buying an additional 795 shares during the period. BB&T Securities LLC grew its stake in Consolidated Edison by 8.3% during the first quarter. BB&T Securities LLC now owns 39,217 shares of the utilities provider’s stock worth $3,045,000 after buying an additional 3,018 shares during the period. Finally, Municipal Employees Retirement System of Michigan grew its stake in Consolidated Edison by 1.4% during the first quarter. Municipal Employees Retirement System of Michigan now owns 9,830 shares of the utilities provider’s stock worth $763,000 after buying an additional 140 shares during the period. Institutional investors own 55.06% of the company’s stock.

In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the sale, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased 158 shares of company stock worth $13,022 over the last ninety days. 0.20% of the stock is currently owned by corporate insiders.

Several equities research analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. BidaskClub downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Saturday, July 1st. Evercore ISI downgraded shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 target price for the company. in a research note on Tuesday, September 26th. Bank of America Corporation started coverage on shares of Consolidated Edison in a research note on Tuesday. They issued a “buy” rating and a $92.00 target price for the company. Finally, Morgan Stanley upped their target price on shares of Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a research note on Thursday, August 10th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $78.96.

Consolidated Edison Inc (NYSE:ED) traded up 0.49% during mid-day trading on Friday, reaching $85.92. 1,125,196 shares of the company traded hands. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $86.33. The stock has a 50 day moving average price of $83.15 and a 200-day moving average price of $82.11. The company has a market capitalization of $26.26 billion, a P/E ratio of 20.79 and a beta of 0.09.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.03). The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter last year, the company posted $0.60 earnings per share. Analysts expect that Consolidated Edison Inc will post $4.08 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $2.76 annualized dividend and a yield of 3.21%. Consolidated Edison’s dividend payout ratio is presently 66.67%.

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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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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