Consolidated Edison Inc (ED) Shares Bought by Franklin Resources Inc.
Franklin Resources Inc. grew its stake in Consolidated Edison Inc (NYSE:ED) by 0.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,312,832 shares of the utilities provider’s stock after buying an additional 5,318 shares during the period. Franklin Resources Inc. owned 0.43% of Consolidated Edison worth $106,103,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Armbruster Capital Management Inc. boosted its holdings in shares of Consolidated Edison by 127.3% in the 2nd quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after buying an additional 700 shares in the last quarter. Stuart Chaussee & Associates Inc. boosted its holdings in shares of Consolidated Edison by 138.3% in the 1st quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares in the last quarter. Oakworth Capital Inc. boosted its holdings in shares of Consolidated Edison by 10.5% in the 2nd quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after buying an additional 137 shares in the last quarter. Enterprise Financial Services Corp boosted its holdings in shares of Consolidated Edison by 6.0% in the 2nd quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock valued at $133,000 after buying an additional 93 shares in the last quarter. Finally, Cypress Capital Management LLC WY boosted its holdings in shares of Consolidated Edison by 491.7% in the 2nd quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock valued at $143,000 after buying an additional 1,475 shares in the last quarter. Institutional investors and hedge funds own 55.09% of the company’s stock.
ED has been the subject of a number of recent research reports. Jefferies Group LLC reiterated a “hold” rating and set a $83.50 price target on shares of Consolidated Edison in a research note on Thursday, August 31st. BidaskClub cut shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $92.00 price target for the company in a research note on Friday, May 26th. Morgan Stanley increased their price target on shares of Consolidated Edison from $78.00 to $80.00 and gave the stock an “underweight” rating in a research note on Friday. Finally, BMO Capital Markets reiterated a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a research note on Monday, May 15th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $77.27.
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In other news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the transaction, the chief executive officer now owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have bought 471 shares of company stock valued at $39,202. Corporate insiders own 0.20% of the company’s stock.
Consolidated Edison Inc (NYSE ED) opened at 86.05 on Tuesday. The stock has a market cap of $26.30 billion, a P/E ratio of 20.82 and a beta of 0.09. The firm’s 50-day moving average is $83.48 and its 200-day moving average is $80.78. Consolidated Edison Inc has a 12 month low of $68.76 and a 12 month high of $86.15.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the firm earned $0.60 EPS. On average, equities analysts forecast that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is 66.67%.
About Consolidated Edison
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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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