MML Investors Services LLC lowered its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,442 shares of the utilities provider’s stock after selling 2,087 shares during the quarter. MML Investors Services LLC’s holdings in Consolidated Edison were worth $5,650,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in shares of Consolidated Edison by 11.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 796,222 shares of the utilities provider’s stock worth $60,879,000 after purchasing an additional 79,173 shares during the period. Geode Capital Management LLC grew its holdings in shares of Consolidated Edison by 9.8% during the 4th quarter. Geode Capital Management LLC now owns 4,460,033 shares of the utilities provider’s stock worth $340,474,000 after purchasing an additional 398,820 shares during the period. Stevens Capital Management LP purchased a new position in Consolidated Edison in the 1st quarter worth approximately $907,000. Nissay Asset Management Corp Japan ADV boosted its holdings in Consolidated Edison by 3.8% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 25,542 shares of the utilities provider’s stock worth $2,166,000 after acquiring an additional 932 shares during the period. Finally, First Allied Advisory Services Inc. boosted its holdings in Consolidated Edison by 5.3% in the 1st quarter. First Allied Advisory Services Inc. now owns 12,541 shares of the utilities provider’s stock worth $1,062,000 after acquiring an additional 629 shares during the period. 59.67% of the stock is owned by institutional investors.
A number of equities analysts have weighed in on ED shares. Morgan Stanley decreased their price target on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a report on Friday, August 16th. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Credit Suisse Group decreased their price target on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Barclays restated a “hold” rating and issued a $90.00 price target on shares of Consolidated Edison in a report on Thursday, June 20th. Finally, KeyCorp started coverage on Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating for the company. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $84.73.
Shares of ED traded down $0.80 during trading on Friday, reaching $89.39. The company’s stock had a trading volume of 630,898 shares, compared to its average volume of 1,597,094. The company has a fifty day moving average of $87.69 and a two-hundred day moving average of $86.39. Consolidated Edison, Inc. has a twelve month low of $73.29 and a twelve month high of $91.58. The company has a market cap of $29.87 billion, a price-to-earnings ratio of 20.69, a P/E/G ratio of 10.30 and a beta of 0.08. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 1.03.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.02). Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period in the previous year, the company earned $0.61 earnings per share. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 4.34 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date is Tuesday, August 13th. Consolidated Edison’s payout ratio is 68.52%.
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 3.5 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 1,622 customers in parts of Manhattan.
Further Reading: Mutual Funds
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