Retirement Systems of Alabama Has $12,473,000 Position in Consolidated Edison Inc. (ED)
Retirement Systems of Alabama raised its position in shares of Consolidated Edison Inc. (NYSE:ED) by 3.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 155,065 shares of the company’s stock after buying an additional 5,864 shares during the period. Retirement Systems of Alabama owned 0.05% of Consolidated Edison worth $12,473,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Stuart Chaussee & Associates Inc. boosted its stake in shares of Consolidated Edison by 27.3% in the second quarter. Stuart Chaussee & Associates Inc. now owns 1,750 shares of the company’s stock worth $141,000 after buying an additional 375 shares in the last quarter. Williams Jones & Associates LLC bought a new stake in Consolidated Edison during the first quarter worth about $146,000. Invictus RG bought a new stake in Consolidated Edison during the first quarter worth about $157,000. Kings Point Capital Management boosted its stake in Consolidated Edison by 4.1% in the first quarter. Kings Point Capital Management now owns 2,542 shares of the company’s stock worth $195,000 after buying an additional 100 shares in the last quarter. Finally, PacWest Financial Management Inc bought a new stake in Consolidated Edison during the second quarter worth about $201,000. 54.76% of the stock is owned by institutional investors and hedge funds.
Consolidated Edison Inc. (NYSE:ED) traded down 1.41% during trading on Monday, reaching $74.24. 1,937,322 shares of the company’s stock traded hands. The stock has a market cap of $22.60 billion, a price-to-earnings ratio of 19.24 and a beta of 0.01. The company’s 50 day moving average is $75.97 and its 200-day moving average is $76.35. Consolidated Edison Inc. has a 52-week low of $60.30 and a 52-week high of $81.88.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a return on equity of 8.88% and a net margin of 9.47%. During the same quarter in the prior year, the business posted $0.78 earnings per share. On average, analysts anticipate that Consolidated Edison Inc. will post $3.97 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th were paid a $0.67 dividend. The ex-dividend date of this dividend was Monday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 3.61%. Consolidated Edison’s payout ratio is 69.25%.
A number of analysts have recently issued reports on the stock. Vetr upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating and set a $74.71 target price for the company in a research note on Wednesday, September 7th. Evercore ISI cut shares of Consolidated Edison from a “hold” rating to a “sell” rating and raised their target price for the stock from $69.50 to $72.50 in a research note on Wednesday, July 6th. BMO Capital Markets assumed coverage on shares of Consolidated Edison in a research note on Wednesday, June 22nd. They set a “hold” rating and a $79.00 target price for the company. Barclays PLC cut their target price on shares of Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 21st. Finally, Citigroup Inc. assumed coverage on shares of Consolidated Edison in a research note on Friday, August 12th. They set a “neutral” rating and a $76.00 target price for the company. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $74.83.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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