Consolidated Edison Inc (ED) Position Raised by Northwestern Mutual Wealth Management Co.
Northwestern Mutual Wealth Management Co. boosted its position in Consolidated Edison Inc (NYSE:ED) by 19.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 5,471 shares of the utilities provider’s stock after purchasing an additional 901 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Consolidated Edison were worth $442,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of the stock. Girard Partners LTD. lifted its position in Consolidated Edison by 91.9% during the second quarter. Girard Partners LTD. now owns 5,578 shares of the utilities provider’s stock worth $451,000 after acquiring an additional 2,671 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Consolidated Edison by 3.8% during the first quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock worth $16,770,000 after acquiring an additional 8,002 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Consolidated Edison by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 604,894 shares of the utilities provider’s stock worth $46,977,000 after acquiring an additional 15,382 shares during the last quarter. Dai Ichi Life Insurance Company Ltd lifted its position in Consolidated Edison by 16.4% during the first quarter. Dai Ichi Life Insurance Company Ltd now owns 63,364 shares of the utilities provider’s stock worth $4,921,000 after acquiring an additional 8,918 shares during the last quarter. Finally, Swiss National Bank lifted its position in Consolidated Edison by 1.6% during the second quarter. Swiss National Bank now owns 2,117,271 shares of the utilities provider’s stock worth $171,118,000 after acquiring an additional 32,700 shares during the last quarter. Institutional investors and hedge funds own 55.09% of the company’s stock.
Several equities research analysts have issued reports on ED shares. Jefferies Group LLC restated a “hold” rating and set a $83.50 price objective on shares of Consolidated Edison in a research report on Thursday, August 31st. BidaskClub downgraded shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report 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 objective for the company in a research report on Friday, May 26th. Finally, Morgan Stanley raised their price objective on shares of Consolidated Edison from $78.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, September 8th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $77.88.
In related news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 24,017 shares in the company, valued at approximately $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased a total of 471 shares of company stock worth $39,202 over the last 90 days. 0.20% of the stock is currently owned by corporate insiders.
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Shares of Consolidated Edison Inc (ED) opened at 84.44 on Friday. Consolidated Edison Inc has a 52-week low of $68.76 and a 52-week high of $86.16. The firm has a market capitalization of $25.81 billion, a P/E ratio of 20.43 and a beta of 0.09. The stock has a 50 day moving average of $83.81 and a 200-day moving average of $80.98.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.03). The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter in the previous year, the company posted $0.60 earnings per share. Equities analysts expect that Consolidated Edison Inc will post $4.09 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend was Monday, August 14th. Consolidated Edison’s payout ratio is currently 66.67%.
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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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