Renaissance Technologies LLC Acquires 173,200 Shares of Consolidated Edison Inc (ED)
Renaissance Technologies LLC boosted its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 14.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,351,500 shares of the utilities provider’s stock after acquiring an additional 173,200 shares during the period. Renaissance Technologies LLC owned 0.44% of Consolidated Edison worth $109,228,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Armbruster Capital Management Inc. increased its stake in Consolidated Edison by 127.3% during the 2nd quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after purchasing an additional 700 shares in the last quarter. Stuart Chaussee & Associates Inc. increased its stake in Consolidated Edison by 138.3% during the 1st quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 795 shares in the last quarter. Oakworth Capital Inc. increased its stake in Consolidated Edison by 10.5% during the 2nd quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after purchasing an additional 137 shares in the last quarter. Enterprise Financial Services Corp increased its stake in Consolidated Edison by 6.0% during the 2nd quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock valued at $133,000 after purchasing an additional 93 shares in the last quarter. Finally, Cypress Capital Management LLC WY increased its stake in Consolidated Edison by 491.7% during the 2nd quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock valued at $143,000 after purchasing an additional 1,475 shares in the last quarter. 55.06% of the stock is owned by institutional investors.
A number of analysts have weighed in on ED shares. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $93.00 price objective for the company in a research note on Thursday, June 1st. BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $83.50 price target on shares of Consolidated Edison in a research note on Thursday, August 31st. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $77.63.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.03). Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter last year, the company earned $0.60 EPS.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were issued a $0.69 dividend. The ex-dividend date was Monday, August 14th. This represents a $2.76 annualized dividend and a yield of 3.36%. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
In related news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the transaction, the chief executive officer now owns 24,017 shares in the company, valued at approximately $2,014,305.79. The sale was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders purchased 471 shares of company stock worth $39,202. 0.20% of the stock is owned by corporate insiders.
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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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