Assenagon Asset Management S.A. lowered its holdings in Consolidated Edison, Inc. (NYSE:ED) by 90.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,909 shares of the utilities provider’s stock after selling 524,448 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Consolidated Edison were worth $4,031,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Cordasco Financial Network raised its holdings in shares of Consolidated Edison by 160.0% in the 2nd quarter. Cordasco Financial Network now owns 1,300 shares of the utilities provider’s stock valued at $101,000 after buying an additional 800 shares during the period. Itau Unibanco Holding S.A. raised its holdings in shares of Consolidated Edison by 385.5% in the 2nd quarter. Itau Unibanco Holding S.A. now owns 1,442 shares of the utilities provider’s stock valued at $112,000 after buying an additional 1,145 shares during the period. Peak Capital Management LLC purchased a new stake in shares of Consolidated Edison in the 2nd quarter valued at $114,000. First Mercantile Trust Co. purchased a new stake in shares of Consolidated Edison in the 2nd quarter valued at $123,000. Finally, ELM Advisors LLC purchased a new stake in shares of Consolidated Edison in the 3rd quarter valued at $133,000. Institutional investors own 58.72% of the company’s stock.
Several research firms recently issued reports on ED. Morgan Stanley boosted their price objective on Consolidated Edison from $77.00 to $81.00 and gave the company a “sell” rating in a report on Tuesday, September 11th. Wells Fargo & Co boosted their target price on Consolidated Edison from $81.00 to $83.00 and gave the stock a “market perform” rating in a research note on Monday, September 17th. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Wednesday, September 12th. UBS Group boosted their target price on Consolidated Edison from $83.00 to $84.00 and gave the stock a “neutral” rating in a research note on Friday, September 21st. Finally, Howard Weil assumed coverage on Consolidated Edison in a research note on Tuesday, July 24th. They set a “sector underperform” rating for the company. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $77.60.
ED opened at $74.54 on Monday. Consolidated Edison, Inc. has a 12 month low of $71.12 and a 12 month high of $89.70. The firm has a market cap of $23.19 billion and a P/E ratio of 18.22. The company has a quick ratio of 0.57, a current ratio of 0.63 and a debt-to-equity ratio of 0.97.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 1st. The utilities provider reported $1.57 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.11. Consolidated Edison had a return on equity of 8.68% and a net margin of 12.60%. The firm had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.17 billion. During the same period in the previous year, the firm posted $1.47 EPS. As a group, research analysts forecast that Consolidated Edison, Inc. will post 4.27 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Wednesday, November 14th will be paid a dividend of $0.715 per share. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 annualized dividend and a yield of 3.84%. Consolidated Edison’s payout ratio is 69.93%.
About Consolidated Edison
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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