Ieq Capital LLC bought a new position in shares of Consolidated Edison Inc (NYSE:ED – Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 63,797 shares of the utilities provider’s stock, valued at approximately $7,058,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Consolidated Edison by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 45,636,041 shares of the utilities provider’s stock valued at $4,532,572,000 after buying an additional 461,108 shares in the last quarter. BlackRock Inc. purchased a new position in Consolidated Edison in the 2nd quarter valued at approximately $4,609,491,000. State Street Corp grew its stake in Consolidated Edison by 3.6% in the 4th quarter. State Street Corp now owns 24,905,440 shares of the utilities provider’s stock valued at $2,473,608,000 after buying an additional 854,868 shares in the last quarter. Lazard Asset Management LLC raised its holdings in Consolidated Edison by 14.8% during the 1st quarter. Lazard Asset Management LLC now owns 7,075,838 shares of the utilities provider’s stock valued at $800,843,000 after acquiring an additional 910,244 shares during the period. Finally, Deutsche Bank AG bought a new stake in Consolidated Edison during the 2nd quarter valued at $749,184,000. Institutional investors own 66.29% of the company’s stock.
Consolidated Edison Stock Up 0.2%
ED opened at $106.52 on Monday. The company has a fifty day moving average price of $109.96 and a 200-day moving average price of $109.91. The firm has a market capitalization of $39.39 billion, a P/E ratio of 17.49, a price-to-earnings-growth ratio of 2.76 and a beta of 0.27. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.27 and a quick ratio of 1.17. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23.
Consolidated Edison Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. Consolidated Edison’s dividend payout ratio (DPR) is presently 58.29%.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on ED. Argus set a $112.00 price target on Consolidated Edison in a report on Tuesday, June 23rd. Mizuho set a $114.00 price objective on Consolidated Edison in a research note on Monday, July 27th. The Goldman Sachs Group reissued a “sell” rating and set a $105.00 price objective on shares of Consolidated Edison in a report on Thursday, May 14th. Weiss Ratings restated a “buy (b)” rating on shares of Consolidated Edison in a research note on Tuesday, July 21st. Finally, Barclays reduced their target price on Consolidated Edison from $112.00 to $106.00 and set an “underweight” rating for the company in a report on Friday, August 7th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and six have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $108.93.
Get Our Latest Stock Analysis on ED
Consolidated Edison Profile
Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.
The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.
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