MetLife Investment Advisors LLC lessened its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 2.1% in the 2nd quarter, Holdings Channel reports. The firm owned 91,471 shares of the utilities provider’s stock after selling 1,939 shares during the quarter. MetLife Investment Advisors LLC’s holdings in Consolidated Edison were worth $7,133,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Cordasco Financial Network lifted its position in shares of Consolidated Edison by 160.0% during the 2nd quarter. Cordasco Financial Network now owns 1,300 shares of the utilities provider’s stock worth $101,000 after purchasing an additional 800 shares during the last quarter. Itau Unibanco Holding S.A. lifted its position in shares of Consolidated Edison by 385.5% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 1,442 shares of the utilities provider’s stock worth $112,000 after purchasing an additional 1,145 shares during the last quarter. Peak Capital Management LLC acquired a new position in shares of Consolidated Edison during the 2nd quarter worth about $114,000. First Mercantile Trust Co. acquired a new position in shares of Consolidated Edison during the 2nd quarter worth about $123,000. Finally, Bruderman Asset Management LLC acquired a new position in Consolidated Edison in the 1st quarter valued at approximately $130,000. 58.60% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have commented on ED shares. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a report on Wednesday. ValuEngine cut Consolidated Edison from a “hold” rating to a “sell” rating in a report on Wednesday, June 6th. Scotiabank started coverage on Consolidated Edison in a report on Tuesday, July 24th. They issued a “sell” rating and a $32.00 price target for the company. Morgan Stanley cut their price target on Consolidated Edison from $75.00 to $71.00 and set an “underweight” rating for the company in a report on Wednesday, June 13th. Finally, Howard Weil started coverage on Consolidated Edison in a report on Tuesday, July 24th. They issued a “sector underperform” rating for the company. Five analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $77.33.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.57 by $0.04. The firm had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.64 billion. Consolidated Edison had a return on equity of 8.52% and a net margin of 12.90%. During the same quarter in the prior year, the firm posted $0.58 EPS. analysts expect that Consolidated Edison, Inc. will post 4.27 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Wednesday, August 15th will be paid a $0.715 dividend. The ex-dividend date is Tuesday, August 14th. This represents a $2.86 annualized dividend and a dividend yield of 3.56%. Consolidated Edison’s dividend payout ratio is currently 69.93%.
Consolidated Edison 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 3.4 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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