Traders Sell Shares of Consolidated Edison (ED) on Strength (ED)

Investors sold shares of Consolidated Edison, Inc. (NYSE:ED) on strength during trading hours on Thursday. $19.62 million flowed into the stock on the tick-up and $46.11 million flowed out of the stock on the tick-down, for a money net flow of $26.49 million out of the stock. Of all stocks tracked, Consolidated Edison had the 30th highest net out-flow for the day. Consolidated Edison traded up $0.32 for the day and closed at $75.79

ED has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. JPMorgan Chase & Co. initiated coverage on shares of Consolidated Edison in a research note on Friday, January 12th. They issued an “underweight” rating and a $78.00 price objective on the stock. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. UBS Group initiated coverage on shares of Consolidated Edison in a research note on Friday, February 2nd. They issued a “neutral” rating and a $80.00 price objective on the stock. Finally, Morgan Stanley dropped their price objective on shares of Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 13th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $81.32.

The firm has a market capitalization of $23,500.00, a P/E ratio of 3.45, a price-to-earnings-growth ratio of 8.94 and a beta of 0.03. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.65 and a current ratio of 0.72.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. Consolidated Edison had a net margin of 12.67% and a return on equity of 8.51%. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same period last year, the firm earned $0.69 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. equities analysts forecast that Consolidated Edison, Inc. will post 4.27 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 14th will be given a dividend of $0.715 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.69. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Tuesday, February 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 13.03%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ED. FMR LLC lifted its position in shares of Consolidated Edison by 5.5% during the second quarter. FMR LLC now owns 260,507 shares of the utilities provider’s stock valued at $21,054,000 after purchasing an additional 13,651 shares in the last quarter. Intl Fcstone Inc. bought a new position in shares of Consolidated Edison during the second quarter valued at about $347,000. Quantitative Systematic Strategies LLC bought a new position in shares of Consolidated Edison during the third quarter valued at about $384,000. Honkamp Krueger Financial Services Inc. bought a new position in shares of Consolidated Edison during the third quarter valued at about $250,000. Finally, Harrington Investments INC bought a new position in shares of Consolidated Edison during the third quarter valued at about $2,657,000. 56.79% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY NOTICE: This news story was first posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this news story on another publication, it was illegally copied and reposted in violation of United States & international trademark and copyright laws. The legal version of this news story can be viewed at https://www.dispatchtribunal.com/2018/02/22/traders-sell-shares-of-consolidated-edison-ed-on-strength-ed.html.

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

Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply