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.
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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).
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