Consolidated Edison Inc $ED Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System lessened its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 10.1% in the fourth quarter, HoldingsChannel reports. The fund owned 99,642 shares of the utilities provider’s stock after selling 11,200 shares during the period. State of Michigan Retirement System’s holdings in Consolidated Edison were worth $9,896,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in ED. Lazard Asset Management LLC boosted its position in Consolidated Edison by 121,543.9% during the 3rd quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider’s stock worth $599,155,000 after acquiring an additional 5,955,653 shares during the period. AQR Capital Management LLC boosted its position in Consolidated Edison by 104.6% during the 3rd quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider’s stock worth $190,530,000 after acquiring an additional 974,419 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of Consolidated Edison by 94.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,904,876 shares of the utilities provider’s stock worth $191,478,000 after buying an additional 926,716 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Consolidated Edison by 344.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 891,895 shares of the utilities provider’s stock worth $88,583,000 after buying an additional 691,304 shares in the last quarter. Finally, Rakuten Investment Management Inc. bought a new stake in shares of Consolidated Edison in the 3rd quarter worth $60,497,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on ED. KeyCorp boosted their price objective on Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 21st. Mizuho set a $118.00 price objective on Consolidated Edison in a research note on Monday, February 23rd. Citigroup reissued a “buy” rating on shares of Consolidated Edison in a research note on Monday, February 23rd. Morgan Stanley dropped their price objective on Consolidated Edison from $106.00 to $105.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. Finally, Weiss Ratings raised Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, Consolidated Edison currently has an average rating of “Reduce” and a consensus price target of $108.50.

Insiders Place Their Bets

In related news, SVP Deneen L. Donnley sold 1,922 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $113.94, for a total transaction of $218,992.68. Following the transaction, the senior vice president directly owned 32,453 shares of the company’s stock, valued at approximately $3,697,694.82. The trade was a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.15% of the company’s stock.

Consolidated Edison Stock Up 0.8%

Shares of Consolidated Edison stock opened at $109.71 on Wednesday. The stock’s fifty day moving average is $111.82 and its 200-day moving average is $104.99. The firm has a market capitalization of $40.42 billion, a PE ratio of 19.42, a price-to-earnings-growth ratio of 2.77 and a beta of 0.34. The company has a quick ratio of 0.94, a current ratio of 1.02 and a debt-to-equity ratio of 1.06. Consolidated Edison Inc has a 12-month low of $94.96 and a 12-month high of $116.23.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 19th. The utilities provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of $4 billion for the quarter, compared to analyst estimates of $3.71 billion. Consolidated Edison had a return on equity of 8.50% and a net margin of 11.95%.Consolidated Edison’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Equities analysts anticipate that Consolidated Edison Inc will post 6.08 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Wednesday, May 13th will be given a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, May 13th. Consolidated Edison’s payout ratio is presently 62.83%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.