Savant Capital LLC boosted its position in Consolidated Edison, Inc. (NYSE:ED) by 6.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,961 shares of the utilities provider’s stock after purchasing an additional 500 shares during the quarter. Savant Capital LLC’s holdings in Consolidated Edison were worth $675,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Buckingham Asset Management LLC bought a new stake in shares of Consolidated Edison during the 1st quarter valued at $222,000. Sigma Planning Corp raised its holdings in shares of Consolidated Edison by 2.3% during the 1st quarter. Sigma Planning Corp now owns 11,583 shares of the utilities provider’s stock worth $982,000 after buying an additional 261 shares in the last quarter. Moors & Cabot Inc. raised its holdings in shares of Consolidated Edison by 98.2% during the 1st quarter. Moors & Cabot Inc. now owns 21,306 shares of the utilities provider’s stock worth $1,806,000 after buying an additional 10,556 shares in the last quarter. Alps Advisors Inc. acquired a new position in shares of Consolidated Edison during the 1st quarter worth $702,000. Finally, Symons Capital Management Inc. raised its holdings in shares of Consolidated Edison by 40.6% during the 1st quarter. Symons Capital Management Inc. now owns 91,938 shares of the utilities provider’s stock worth $7,798,000 after buying an additional 26,542 shares in the last quarter. Institutional investors and hedge funds own 59.47% of the company’s stock.
Shares of Consolidated Edison stock traded down $1.14 on Wednesday, hitting $85.61. The company had a trading volume of 1,984,300 shares, compared to its average volume of 2,028,181. The company has a market cap of $28.40 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 10.13 and a beta of 0.13. Consolidated Edison, Inc. has a 1 year low of $71.12 and a 1 year high of $88.92. The company has a quick ratio of 0.54, a current ratio of 0.60 and a debt-to-equity ratio of 1.01.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.35 by $0.04. The firm had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. During the same period in the prior year, the business posted $1.38 earnings per share. As a group, research analysts anticipate that Consolidated Edison, Inc. will post 4.35 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is 68.52%.
A number of equities analysts have issued reports on ED shares. Morgan Stanley upped their target price on Consolidated Edison from $78.00 to $81.00 and gave the stock an “underweight” rating in a report on Tuesday, February 12th. Zacks Investment Research cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Monday, February 25th. Mizuho initiated coverage on Consolidated Edison in a report on Monday, March 11th. They issued a “neutral” rating and a $85.00 target price for the company. Bank of America raised Consolidated Edison from a “neutral” rating to a “buy” rating and decreased their price target for the company from $96.00 to $94.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Finally, Credit Suisse Group increased their price target on Consolidated Edison from $77.00 to $78.00 and gave the company an “underperform” rating in a research note on Monday, February 25th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $78.92.
Consolidated Edison 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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