Northern Oak Wealth Management Inc. lifted its holdings in Consolidated Edison, Inc. (NYSE:ED) by 78.7% during the second quarter, HoldingsChannel.com reports. The firm owned 804 shares of the utilities provider’s stock after purchasing an additional 354 shares during the period. Northern Oak Wealth Management Inc.’s holdings in Consolidated Edison were worth $70,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in ED. Los Angeles Capital Management & Equity Research Inc. raised its position in Consolidated Edison by 37.5% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 43,745 shares of the utilities provider’s stock worth $3,836,000 after acquiring an additional 11,930 shares in the last quarter. ARP Americas LP bought a new position in shares of Consolidated Edison in the second quarter valued at about $447,000. Baxter Bros Inc. bought a new position in shares of Consolidated Edison in the second quarter valued at about $212,000. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Consolidated Edison by 1.7% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,446,987 shares of the utilities provider’s stock valued at $126,872,000 after purchasing an additional 24,546 shares during the period. Finally, Capital Investment Counsel Inc bought a new position in shares of Consolidated Edison in the second quarter valued at about $202,000. 58.91% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on the stock. Credit Suisse Group dropped their price objective on shares of Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating on the stock in a research report on Thursday. Morgan Stanley upped their price target on shares of Consolidated Edison from $87.00 to $91.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. KeyCorp began coverage on shares of Consolidated Edison in a research note on Tuesday, June 4th. They issued a “sector weight” rating on the stock. Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and decreased their price target for the company from $96.00 to $94.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Finally, ValuEngine downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $84.73.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.67 billion. Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. During the same quarter in the previous year, the company earned $0.61 earnings per share. On average, sell-side analysts predict that Consolidated Edison, Inc. will post 4.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $2.96 dividend on an annualized basis and a yield of 3.39%. Consolidated Edison’s payout ratio is 68.52%.
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 3.5 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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