Consolidated Edison’s (ED) Hold Rating Reaffirmed at KeyCorp
Consolidated Edison Inc (NYSE:ED)‘s stock had its “hold” rating reaffirmed by equities researchers at KeyCorp in a research note issued to investors on Friday.
ED has been the subject of several other research reports. Zacks Investment Research lowered Consolidated Edison from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. BidaskClub upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. Finally, Evercore ISI lowered Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price objective for the company. in a report on Tuesday, September 26th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $77.77.
Consolidated Edison (NYSE:ED) opened at 84.84 on Friday. Consolidated Edison has a 52 week low of $68.76 and a 52 week high of $86.16. The stock has a market cap of $25.93 billion, a PE ratio of 20.53 and a beta of 0.09. The firm’s 50-day moving average price is $83.00 and its 200-day moving average price is $81.88.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the 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 business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the company posted $0.60 EPS. Equities analysts predict that Consolidated Edison will post $4.09 earnings per share for the current fiscal year.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was 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 of the company’s stock, valued at approximately $2,014,305.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired a total of 158 shares of company stock worth $13,022 over the last ninety days. 0.20% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Park National Corp OH grew its position in shares of Consolidated Edison by 10.8% during the 3rd quarter. Park National Corp OH now owns 22,797 shares of the utilities provider’s stock valued at $1,839,000 after acquiring an additional 2,226 shares during the period. Intl Fcstone Inc. acquired a new stake in shares of Consolidated Edison during the 2nd quarter valued at about $347,000. Lord Abbett & CO. LLC grew its position in shares of Consolidated Edison by 91.6% during the 2nd quarter. Lord Abbett & CO. LLC now owns 621,500 shares of the utilities provider’s stock valued at $50,230,000 after acquiring an additional 297,200 shares during the period. Sentry Investment Management LLC grew its position in shares of Consolidated Edison by 32.8% during the 2nd quarter. Sentry Investment Management LLC now owns 24,192 shares of the utilities provider’s stock valued at $1,955,000 after acquiring an additional 5,978 shares during the period. Finally, Atlantic Trust LLC grew its position in shares of Consolidated Edison by 9.8% during the 2nd quarter. Atlantic Trust LLC now owns 6,505 shares of the utilities provider’s stock valued at $296,000 after acquiring an additional 580 shares during the period. 55.05% of the stock is currently owned by institutional investors.
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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