Consolidated Edison, Inc. (ED) Shares Bought by Private Advisor Group LLC
Private Advisor Group LLC raised its holdings in Consolidated Edison, Inc. (NYSE:ED) by 87.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 37,680 shares of the utilities provider’s stock after purchasing an additional 17,603 shares during the quarter. Private Advisor Group LLC’s holdings in Consolidated Edison were worth $2,871,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of ED. Millennium Management LLC raised its holdings in Consolidated Edison by 1,396.5% during the first quarter. Millennium Management LLC now owns 117,877 shares of the utilities provider’s stock worth $9,187,000 after purchasing an additional 110,000 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Consolidated Edison by 0.5% during the first quarter. Principal Financial Group Inc. now owns 900,013 shares of the utilities provider’s stock worth $70,147,000 after purchasing an additional 4,890 shares in the last quarter. IFM Investors Pty Ltd raised its holdings in Consolidated Edison by 43.5% during the second quarter. IFM Investors Pty Ltd now owns 13,937 shares of the utilities provider’s stock worth $1,087,000 after purchasing an additional 4,225 shares in the last quarter. Fisher Asset Management LLC acquired a new stake in Consolidated Edison during the second quarter worth approximately $311,000. Finally, Dalton Greiner Hartman Maher & Co. acquired a new stake in Consolidated Edison during the second quarter worth approximately $277,000. 58.60% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have weighed in on ED. Citigroup raised their price objective on shares of Consolidated Edison from $79.00 to $80.00 and gave the stock a “neutral” rating in a report on Tuesday, October 16th. Wells Fargo & Co raised their price objective on shares of Consolidated Edison from $81.00 to $83.00 and gave the stock a “market perform” rating in a report on Monday, September 17th. Bank of America cut their price objective on shares of Consolidated Edison from $87.00 to $83.00 and set a “buy” rating on the stock in a report on Friday, November 2nd. Howard Weil began coverage on shares of Consolidated Edison in a report on Tuesday, July 24th. They set a “sector underperform” rating on the stock. Finally, Morgan Stanley raised their price objective on shares of Consolidated Edison from $71.00 to $77.00 and gave the stock an “underweight” rating in a report on Monday, July 16th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. Consolidated Edison presently has an average rating of “Hold” and an average price target of $77.18.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 1st. The utilities provider reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.11. The business had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.17 billion. Consolidated Edison had a net margin of 12.60% and a return on equity of 8.64%. During the same period in the previous year, the company posted $1.47 EPS. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 4.28 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Wednesday, November 14th will be issued a $0.715 dividend. The ex-dividend date is Tuesday, November 13th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.62%. Consolidated Edison’s payout ratio is 69.93%.
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About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,600 customers in parts of Manhattan.
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