ING Groep NV trimmed its position in Consolidated Edison, Inc. (NYSE:ED) by 2.9% during the first quarter, Holdings Channel reports. The fund owned 62,781 shares of the utilities provider’s stock after selling 1,867 shares during the quarter. ING Groep NV’s holdings in Consolidated Edison were worth $4,893,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. MetLife Investment Advisors LLC bought a new position in Consolidated Edison in the fourth quarter valued at approximately $8,150,000. Welch Investments LLC increased its stake in Consolidated Edison by 1.2% in the fourth quarter. Welch Investments LLC now owns 54,448 shares of the utilities provider’s stock valued at $4,625,000 after acquiring an additional 641 shares during the last quarter. BlackRock Inc. increased its stake in Consolidated Edison by 2.7% in the fourth quarter. BlackRock Inc. now owns 25,916,294 shares of the utilities provider’s stock valued at $2,201,589,000 after acquiring an additional 680,592 shares during the last quarter. Renaissance Technologies LLC increased its stake in Consolidated Edison by 40.7% in the fourth quarter. Renaissance Technologies LLC now owns 2,099,400 shares of the utilities provider’s stock valued at $178,344,000 after acquiring an additional 607,000 shares during the last quarter. Finally, APG Asset Management N.V. increased its stake in Consolidated Edison by 28.4% in the fourth quarter. APG Asset Management N.V. now owns 5,209,155 shares of the utilities provider’s stock valued at $368,519,000 after acquiring an additional 1,153,600 shares during the last quarter. 56.82% of the stock is currently owned by institutional investors and hedge funds.
ED has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, April 18th. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Wednesday, March 28th. JPMorgan Chase boosted their target price on shares of Consolidated Edison from $75.00 to $78.00 and gave the stock a “sell” rating in a research note on Tuesday, April 10th. Morgan Stanley decreased their target price on shares of Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 13th. Finally, UBS began coverage on shares of Consolidated Edison in a research note on Friday, February 2nd. They set a “neutral” rating and a $80.00 target price on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $82.39.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 3rd. The utilities provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.05. The company had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.23 billion. Consolidated Edison had a net margin of 12.86% and a return on equity of 8.61%. Consolidated Edison’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.27 earnings per share. sell-side analysts predict that Consolidated Edison, Inc. will post 4.26 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Wednesday, May 16th will be issued a dividend of $0.715 per share. The ex-dividend date of this dividend is Tuesday, May 15th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.72%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.93%.
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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