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

Investors sold shares of Consolidated Edison, Inc. (NYSE:ED) on strength during trading on Thursday. $16.88 million flowed into the stock on the tick-up and $42.18 million flowed out of the stock on the tick-down, for a money net flow of $25.30 million out of the stock. Of all stocks tracked, Consolidated Edison had the 0th highest net out-flow for the day. Consolidated Edison traded up $0.42 for the day and closed at $75.45

Several analysts have issued reports on the company. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd. ValuEngine downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Morgan Stanley cut their price objective on Consolidated Edison from $75.00 to $71.00 and set an “underweight” rating on the stock in a report on Wednesday, June 13th. Finally, JPMorgan Chase & Co. boosted their price objective on Consolidated Edison from $75.00 to $78.00 and gave the stock a “sell” rating in a report on Tuesday, April 10th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $81.94.

The company has a quick ratio of 0.61, a current ratio of 0.67 and a debt-to-equity ratio of 0.94. The company has a market cap of $23.44 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 4.43 and a beta of 0.06.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 3rd. The utilities provider reported $1.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.05. Consolidated Edison had a return on equity of 8.61% and a net margin of 12.86%. The company had revenue of $3.36 billion for the quarter, compared to analysts’ expectations of $3.23 billion. During the same quarter in the previous year, the business posted $1.27 EPS. The business’s revenue for the quarter was up 4.2% on a year-over-year basis. sell-side analysts predict that Consolidated Edison, Inc. will post 4.26 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, June 15th. Shareholders of record on Wednesday, May 16th were paid a dividend of $0.715 per share. The ex-dividend date was Tuesday, May 15th. This represents a $2.86 annualized dividend and a yield of 3.78%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.93%.

Large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in shares of Consolidated Edison by 40.7% in the 4th quarter. Renaissance Technologies LLC now owns 2,099,400 shares of the utilities provider’s stock valued at $178,344,000 after buying an additional 607,000 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of Consolidated Edison by 131.7% in the 1st quarter. Teacher Retirement System of Texas now owns 551,197 shares of the utilities provider’s stock valued at $42,960,000 after buying an additional 313,325 shares in the last quarter. Mackay Shields LLC bought a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $21,139,000. Amundi Pioneer Asset Management Inc. grew its stake in shares of Consolidated Edison by 53.9% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 640,734 shares of the utilities provider’s stock valued at $54,431,000 after buying an additional 224,421 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Consolidated Edison by 13.1% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 1,545,346 shares of the utilities provider’s stock valued at $120,441,000 after buying an additional 179,064 shares in the last quarter. 57.05% of the stock is currently owned by institutional investors.

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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