L & S Advisors Inc cut its holdings in Consolidated Edison, Inc. (NYSE:ED) by 8.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,628 shares of the utilities provider’s stock after selling 2,461 shares during the period. L & S Advisors Inc’s holdings in Consolidated Edison were worth $2,422,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. M Holdings Securities Inc. bought a new stake in Consolidated Edison during the first quarter worth about $1,611,000. NEXT Financial Group Inc lifted its position in Consolidated Edison by 682.1% during the second quarter. NEXT Financial Group Inc now owns 23,266 shares of the utilities provider’s stock worth $2,040,000 after purchasing an additional 20,291 shares during the period. Fagan Associates Inc. bought a new position in shares of Consolidated Edison in the second quarter worth about $201,000. OLD National Bancorp IN lifted its holdings in shares of Consolidated Edison by 6.1% in the second quarter. OLD National Bancorp IN now owns 31,367 shares of the utilities provider’s stock worth $2,750,000 after acquiring an additional 1,811 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Consolidated Edison by 1,852.3% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 103,607 shares of the utilities provider’s stock worth $9,084,000 after acquiring an additional 98,300 shares during the last quarter. Institutional investors and hedge funds own 59.67% of the company’s stock.
ED has been the subject of a number of research reports. ValuEngine cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley dropped 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 dropped 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. Barclays reissued a “hold” rating and issued a $90.00 target price on shares of Consolidated Edison in a report on Thursday, June 20th. Finally, KeyCorp initiated 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 issued a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $84.73.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.67 billion. Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. During the same quarter last year, the business earned $0.61 EPS. On average, research analysts expect that Consolidated Edison, Inc. will post 4.34 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a $0.74 dividend. 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 3.29%. Consolidated Edison’s dividend payout ratio (DPR) is presently 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.
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