Russell Investments Group Ltd. increased its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 84.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 246,770 shares of the utilities provider’s stock after purchasing an additional 113,226 shares during the period. Russell Investments Group Ltd.’s holdings in Consolidated Edison were worth $18,737,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Autus Asset Management LLC grew its stake in Consolidated Edison by 0.9% in the second quarter. Autus Asset Management LLC now owns 70,652 shares of the utilities provider’s stock valued at $5,509,000 after acquiring an additional 656 shares during the period. Laurel Wealth Advisors Inc. lifted its holdings in shares of Consolidated Edison by 1.3% in the second quarter. Laurel Wealth Advisors Inc. now owns 51,327 shares of the utilities provider’s stock valued at $4,002,000 after purchasing an additional 662 shares in the last quarter. Howe & Rusling Inc. lifted its holdings in shares of Consolidated Edison by 58.4% in the second quarter. Howe & Rusling Inc. now owns 1,804 shares of the utilities provider’s stock valued at $141,000 after purchasing an additional 665 shares in the last quarter. Union Bankshares Corp lifted its holdings in shares of Consolidated Edison by 17.5% in the second quarter. Union Bankshares Corp now owns 4,584 shares of the utilities provider’s stock valued at $357,000 after purchasing an additional 684 shares in the last quarter. Finally, Sigma Planning Corp lifted its holdings in shares of Consolidated Edison by 8.6% in the second quarter. Sigma Planning Corp now owns 9,588 shares of the utilities provider’s stock valued at $748,000 after purchasing an additional 761 shares in the last quarter. 58.60% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have recently weighed in on the company. Scotiabank assumed coverage on Consolidated Edison in a report on Tuesday, July 24th. They issued a “sell” rating and a $32.00 target price on the stock. Morgan Stanley raised their target price on Consolidated Edison from $77.00 to $81.00 and gave the company a “sell” rating in a report on Tuesday, September 11th. Zacks Investment Research lowered Consolidated Edison from a “hold” rating to a “sell” rating in a report on Thursday, October 4th. Citigroup raised their target price on Consolidated Edison from $79.00 to $80.00 and gave the company a “neutral” rating in a report on Tuesday, October 16th. Finally, UBS Group raised their target price on Consolidated Edison from $83.00 to $84.00 and gave the company a “neutral” rating in a report on Friday, September 21st. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $77.18.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 1st. The utilities provider reported $1.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.46 by $0.11. The company had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.17 billion. Consolidated Edison had a return on equity of 8.64% and a net margin of 12.60%. During the same quarter last year, the company earned $1.47 earnings per share. Equities research analysts anticipate that Consolidated Edison, Inc. will post 4.27 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Wednesday, November 14th will be issued a dividend of $0.715 per share. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 dividend on an annualized basis and a yield of 3.65%. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.93%.
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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 3.4 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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