Joseph P. Lucia & Associates LLC purchased a new position in Consolidated Edison, Inc. (NYSE:ED) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 818,413 shares of the utilities provider’s stock, valued at approximately $9,767,000. Joseph P. Lucia & Associates LLC owned approximately 0.25% of Consolidated Edison as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently made changes to their positions in the business. Standard Life Aberdeen plc raised its holdings in Consolidated Edison by 5.0% during the 3rd quarter. Standard Life Aberdeen plc now owns 209,895 shares of the utilities provider’s stock worth $15,992,000 after buying an additional 9,956 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Consolidated Edison by 29.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 635,902 shares of the utilities provider’s stock valued at $48,448,000 after purchasing an additional 145,599 shares during the period. Legal & General Group Plc increased its holdings in shares of Consolidated Edison by 9.1% in the 3rd quarter. Legal & General Group Plc now owns 3,543,862 shares of the utilities provider’s stock valued at $269,955,000 after purchasing an additional 296,813 shares during the period. Vanguard Group Inc increased its holdings in shares of Consolidated Edison by 1.5% in the 3rd quarter. Vanguard Group Inc now owns 23,911,264 shares of the utilities provider’s stock valued at $1,821,799,000 after purchasing an additional 356,339 shares during the period. Finally, Lenox Wealth Advisors LLC acquired a new position in shares of Consolidated Edison in the 4th quarter valued at about $219,000. Institutional investors and hedge funds own 59.47% of the company’s stock.
A number of brokerages have recently weighed in on ED. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a report on Wednesday, February 13th. Credit Suisse Group set a $80.00 target price on Consolidated Edison and gave the company a “sell” rating in a report on Monday, April 22nd. ValuEngine downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, April 4th. Morgan Stanley upped their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an “underweight” rating in a report on Thursday, May 16th. Finally, Mizuho began coverage on Consolidated Edison in a report on Monday, March 11th. They issued a “neutral” rating and a $85.00 target price on the stock. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $78.92.
NYSE:ED traded down $1.14 during mid-day trading on Wednesday, reaching $85.61. The stock had a trading volume of 1,984,300 shares, compared to its average volume of 2,028,181. Consolidated Edison, Inc. has a fifty-two week low of $71.12 and a fifty-two week high of $88.92. The company has a market capitalization of $28.40 billion, a P/E ratio of 19.82, a P/E/G ratio of 10.13 and a beta of 0.13. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.54 and a current ratio of 0.60.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.04. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. The firm had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the prior year, the company posted $1.38 earnings per share. As a group, sell-side analysts forecast that Consolidated Edison, Inc. will post 4.35 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Wednesday, May 15th will be issued a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.96 dividend on an annualized basis and a yield of 3.46%. Consolidated Edison’s dividend payout ratio is currently 68.52%.
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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