Clearbridge Investments LLC Has $1.78 Million Holdings in Consolidated Edison, Inc. (NYSE:ED)
Clearbridge Investments LLC cut its stake in shares of Consolidated Edison, Inc. (NYSE:ED) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,775 shares of the utilities provider’s stock after selling 755 shares during the period. Clearbridge Investments LLC’s holdings in Consolidated Edison were worth $1,776,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in ED. Pinnacle Associates Ltd. grew its stake in Consolidated Edison by 1.2% in the first quarter. Pinnacle Associates Ltd. now owns 23,334 shares of the utilities provider’s stock valued at $1,820,000 after acquiring an additional 270 shares during the period. ACG Wealth grew its stake in Consolidated Edison by 20.1% in the fourth quarter. ACG Wealth now owns 3,549 shares of the utilities provider’s stock valued at $321,000 after acquiring an additional 595 shares during the period. Advisor Group Holdings Inc. acquired a new position in Consolidated Edison in the first quarter valued at about $14,906,000. Wellington Shields & Co. LLC acquired a new position in Consolidated Edison in the fourth quarter valued at about $210,000. Finally, Alberta Investment Management Corp grew its stake in Consolidated Edison by 1.9% in the fourth quarter. Alberta Investment Management Corp now owns 374,200 shares of the utilities provider’s stock valued at $33,854,000 after acquiring an additional 6,900 shares during the period. 59.88% of the stock is owned by institutional investors and hedge funds.
In other Consolidated Edison news, CFO Robert N. Hoglund acquired 2,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were purchased at an average price of $71.65 per share, for a total transaction of $143,300.00. Following the completion of the purchase, the chief financial officer now directly owns 41,893 shares of the company’s stock, valued at $3,001,633.45. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders acquired 2,121 shares of company stock worth $152,988 in the last 90 days. Corporate insiders own 0.18% of the company’s stock.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 7th. The utilities provider reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.08). Consolidated Edison had a return on equity of 7.92% and a net margin of 10.53%. The company had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.60 billion. During the same quarter in the previous year, the company posted $1.39 EPS. On average, research analysts forecast that Consolidated Edison, Inc. will post 4.3 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th were paid a $0.765 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $3.06 annualized dividend and a yield of 4.21%. Consolidated Edison’s dividend payout ratio is 70.02%.
A number of research analysts have issued reports on ED shares. Citigroup decreased their target price on Consolidated Edison from $89.00 to $78.50 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Bank of America reissued a “buy” rating and issued a $85.00 target price (down from $91.00) on shares of Consolidated Edison in a research note on Friday, May 8th. Barclays reduced their price objective on Consolidated Edison from $83.00 to $64.00 and set an “underweight” rating for the company in a research report on Thursday, March 26th. Wells Fargo & Co reduced their price objective on Consolidated Edison from $99.00 to $78.00 and set an “equal weight” rating for the company in a research report on Monday, May 11th. Finally, Mizuho reduced their price objective on Consolidated Edison from $83.50 to $73.50 and set a “neutral” rating for the company in a research report on Tuesday, May 12th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Consolidated Edison presently has an average rating of “Hold” and an average price target of $78.92.
Consolidated Edison Company Profile
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 3.5 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 1,622 customers in parts of Manhattan.
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