Stock Yards Bank & Trust Co. reduced its stake in Consolidated Edison Inc (NYSE:ED) by 12.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,045 shares of the utilities provider’s stock after selling 440 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Consolidated Edison were worth $246,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stuart Chaussee & Associates Inc. raised its position in Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares during the period. Tompkins Financial Corp bought a new position in Consolidated Edison during the first quarter valued at approximately $118,000. Enterprise Financial Services Corp raised its position in Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock valued at $121,000 after buying an additional 38 shares during the period. Atwood & Palmer Inc. raised its position in Consolidated Edison by 195.8% in the first quarter. Atwood & Palmer Inc. now owns 1,813 shares of the utilities provider’s stock valued at $141,000 after buying an additional 1,200 shares during the period. Finally, First Financial Corp IN raised its position in Consolidated Edison by 24.0% in the first quarter. First Financial Corp IN now owns 2,068 shares of the utilities provider’s stock valued at $161,000 after buying an additional 400 shares during the period. 55.88% of the stock is currently owned by institutional investors and hedge funds.
Consolidated Edison Inc (NYSE ED) opened at 80.73 on Monday. The firm has a market capitalization of $24.65 billion, a P/E ratio of 18.59 and a beta of 0.08. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $85.13. The firm has a 50-day moving average price of $82.41 and a 200-day moving average price of $77.50.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 4th. The utilities provider reported $1.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.08. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.05 billion. Consolidated Edison had a net margin of 10.90% and a return on equity of 9.05%. During the same quarter in the previous year, the firm posted $1.18 earnings per share. Equities analysts forecast that Consolidated Edison Inc will post $4.09 EPS for the current year.
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Several research firms have commented on ED. BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Jefferies Group LLC lowered Consolidated Edison from a “buy” rating to a “hold” rating and dropped their target price for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Zacks Investment Research lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Wednesday, June 14th. UBS AG lifted their target price on Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a research report on Monday, May 15th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a research report on Monday, May 15th. Seven research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $76.82.
In other Consolidated Edison news, Director Linda S. Sanford bought 900 shares of the stock in a transaction that occurred on Wednesday, May 17th. The shares were acquired at an average price of $79.74 per share, with a total value of $71,766.00. Following the completion of the purchase, the director now directly owns 8,748 shares in the company, valued at approximately $697,565.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders purchased 1,240 shares of company stock worth $100,090. 0.20% of the stock is currently owned by insiders.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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