Illinois Municipal Retirement Fund reduced its stake in Consolidated Edison Inc (NYSE:ED – Free Report) by 9.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 190,378 shares of the utilities provider’s stock after selling 20,192 shares during the quarter. Illinois Municipal Retirement Fund owned 0.05% of Consolidated Edison worth $21,547,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC raised its position in Consolidated Edison by 121,543.9% in the third quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider’s stock worth $599,155,000 after acquiring an additional 5,955,653 shares during the period. Norges Bank bought a new position in shares of Consolidated Edison during the 4th quarter valued at approximately $489,806,000. Deutsche Bank AG grew its position in shares of Consolidated Edison by 101.4% during the 4th quarter. Deutsche Bank AG now owns 3,617,361 shares of the utilities provider’s stock valued at $359,276,000 after acquiring an additional 1,820,877 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $113,977,000. Finally, AQR Capital Management LLC increased its stake in shares of Consolidated Edison by 104.6% during the 3rd quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider’s stock worth $190,530,000 after purchasing an additional 974,419 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.
Analysts Set New Price Targets
ED has been the topic of several research analyst reports. The Goldman Sachs Group reiterated a “sell” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. Weiss Ratings raised Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Morgan Stanley restated an “underweight” rating on shares of Consolidated Edison in a research note on Wednesday, June 24th. Argus set a $112.00 target price on Consolidated Edison in a research note on Tuesday, June 23rd. Finally, Wells Fargo & Company set a $98.00 price target on Consolidated Edison in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $108.07.
Consolidated Edison Stock Performance
Shares of ED stock opened at $110.27 on Thursday. The stock has a market capitalization of $40.64 billion, a P/E ratio of 18.56, a PEG ratio of 2.85 and a beta of 0.27. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The firm’s 50 day moving average is $108.25 and its 200 day moving average is $108.47. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23.
About Consolidated Edison
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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