Profund Advisors LLC lifted its position in shares of Consolidated Edison, Inc. (NYSE:ED) by 13.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,112 shares of the utilities provider’s stock after buying an additional 3,296 shares during the quarter. Profund Advisors LLC’s holdings in Consolidated Edison were worth $2,465,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of ED. Krane Funds Advisors LLC purchased a new stake in Consolidated Edison in the second quarter valued at approximately $25,000. FTB Advisors Inc. grew its holdings in Consolidated Edison by 220.2% in the second quarter. FTB Advisors Inc. now owns 285 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 196 shares during the period. Coastal Capital Group Inc. purchased a new stake in Consolidated Edison in the second quarter valued at approximately $26,000. Willingdon Wealth Management purchased a new stake in Consolidated Edison in the first quarter valued at approximately $31,000. Finally, Interactive Financial Advisors purchased a new stake in Consolidated Edison in the first quarter valued at approximately $34,000. Institutional investors and hedge funds own 59.67% of the company’s stock.
A number of equities research analysts recently issued reports on ED shares. Morgan Stanley lowered their target price on shares of Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a report on Friday, August 16th. Credit Suisse Group lowered their target price on shares of Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. ValuEngine downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Barclays restated a “hold” rating and issued a $90.00 target price on shares of Consolidated Edison in a report on Thursday, June 20th. Finally, KeyCorp started coverage on shares of Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating for the company. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $84.73.
ED stock traded down $0.38 during midday trading on Friday, reaching $89.81. 1,662,217 shares of the company’s stock traded hands, compared to its average volume of 1,591,264. The company has a market capitalization of $29.87 billion, a P/E ratio of 20.79, a PEG ratio of 10.37 and a beta of 0.08. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.62 and a quick ratio of 0.56. Consolidated Edison, Inc. has a fifty-two week low of $73.29 and a fifty-two week high of $91.58. The business has a 50-day moving average price of $87.76 and a two-hundred day moving average price of $86.43.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.67 billion. Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. During the same period last year, the firm earned $0.61 earnings per share. As a group, research analysts forecast that Consolidated Edison, Inc. will post 4.34 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $2.96 dividend on an annualized basis and a yield of 3.30%. Consolidated Edison’s dividend payout ratio (DPR) is 68.52%.
Consolidated Edison Company Profile
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.
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