Cubist Systematic Strategies LLC lifted its holdings in Consolidated Edison, Inc. (NYSE:ED) by 7,185.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 223,232 shares of the utilities provider’s stock after acquiring an additional 220,168 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Consolidated Edison were worth $19,573,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Wilbanks Smith & Thomas Asset Management LLC lifted its stake in shares of Consolidated Edison by 2.7% in the 2nd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 4,380 shares of the utilities provider’s stock valued at $384,000 after purchasing an additional 116 shares during the last quarter. 6 Meridian lifted its stake in shares of Consolidated Edison by 1.9% during the second quarter. 6 Meridian now owns 6,295 shares of the utilities provider’s stock worth $552,000 after purchasing an additional 117 shares in the last quarter. Valmark Advisers Inc. grew its holdings in shares of Consolidated Edison by 5.5% during the second quarter. Valmark Advisers Inc. now owns 2,510 shares of the utilities provider’s stock valued at $220,000 after purchasing an additional 131 shares during the last quarter. Round Table Services LLC grew its holdings in shares of Consolidated Edison by 2.3% during the second quarter. Round Table Services LLC now owns 6,140 shares of the utilities provider’s stock valued at $538,000 after purchasing an additional 138 shares during the last quarter. Finally, Carnegie Capital Asset Management LLC grew its holdings in shares of Consolidated Edison by 2.5% during the second quarter. Carnegie Capital Asset Management LLC now owns 5,566 shares of the utilities provider’s stock valued at $488,000 after purchasing an additional 138 shares during the last quarter. 59.75% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently issued reports on the company. ValuEngine lowered Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Credit Suisse Group decreased their price objective on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Morgan Stanley decreased their price objective on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a report on Friday, August 16th. Barclays reissued a “hold” rating and issued a $90.00 price objective on shares of Consolidated Edison in a report on Thursday, June 20th. Finally, KeyCorp assumed coverage on Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating for the company. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $84.91.
ED traded down $0.18 during trading on Friday, reaching $91.70. The stock had a trading volume of 18,681 shares, compared to its average volume of 1,665,452. The firm has a market capitalization of $30.52 billion, a price-to-earnings ratio of 21.20, a price-to-earnings-growth ratio of 10.49 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, Inc. has a 1-year low of $73.29 and a 1-year high of $91.98. The stock has a 50 day moving average of $88.30 and a two-hundred day moving average of $86.68.
Consolidated Edison (NYSE:ED) last released its 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 firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.67 billion. Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. During the same quarter last year, the company earned $0.61 earnings per share. On average, research analysts forecast that Consolidated Edison, Inc. will post 4.34 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were given a $0.74 dividend. The ex-dividend date was Tuesday, August 13th. This represents a $2.96 dividend on an annualized basis and a yield of 3.23%. 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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