Spirit of America Management Corp NY trimmed its holdings in shares of Consolidated Edison, Inc. (NYSE:ED) by 65.9% in the second quarter, HoldingsChannel reports. The firm owned 1,640 shares of the utilities provider’s stock after selling 3,170 shares during the period. Spirit of America Management Corp NY’s holdings in Consolidated Edison were worth $128,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Quantitative Investment Management LLC boosted its position in Consolidated Edison by 20.6% in the 4th quarter. Quantitative Investment Management LLC now owns 49,800 shares of the utilities provider’s stock valued at $4,230,000 after buying an additional 8,500 shares during the last quarter. Advisor Group Inc. boosted its position in Consolidated Edison by 3.7% in the 4th quarter. Advisor Group Inc. now owns 42,803 shares of the utilities provider’s stock valued at $3,640,000 after buying an additional 1,523 shares during the last quarter. California State Teachers Retirement System boosted its position in Consolidated Edison by 14.0% in the 4th quarter. California State Teachers Retirement System now owns 651,468 shares of the utilities provider’s stock valued at $55,342,000 after buying an additional 80,048 shares during the last quarter. Teachers Advisors LLC boosted its position in Consolidated Edison by 6.7% in the 4th quarter. Teachers Advisors LLC now owns 712,300 shares of the utilities provider’s stock valued at $60,510,000 after buying an additional 44,800 shares during the last quarter. Finally, G&S Capital LLC bought a new position in Consolidated Edison in the 4th quarter valued at $281,000. 57.08% of the stock is owned by hedge funds and other institutional investors.
Get Consolidated Edison alerts:Consolidated Edison opened at $79.03 on Thursday, MarketBeat.com reports. Consolidated Edison, Inc. has a 12-month low of $71.12 and a 12-month high of $89.70. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.61 and a current ratio of 0.67. The firm has a market capitalization of $24.19 billion, a PE ratio of 19.32, a P/E/G ratio of 4.57 and a beta of 0.07.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 3rd. The utilities provider reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.05. Consolidated Edison had a return on equity of 8.61% and a net margin of 12.86%. The business had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.23 billion. During the same period last year, the company earned $1.27 EPS. The firm’s revenue was up 4.2% on a year-over-year basis. analysts forecast that Consolidated Edison, Inc. will post 4.26 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Wednesday, May 16th were given a $0.715 dividend. The ex-dividend date was Tuesday, May 15th. This represents a $2.86 annualized dividend and a dividend yield of 3.62%. Consolidated Edison’s dividend payout ratio is currently 69.93%.
A number of brokerages have commented on ED. Barclays began coverage on Consolidated Edison in a research report on Tuesday. They issued an “equal weight” rating and a $81.00 price objective on the stock. ValuEngine upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Tuesday, June 26th. Morgan Stanley decreased their price objective on Consolidated Edison from $75.00 to $71.00 and set an “underweight” rating on the stock in a research report on Wednesday, June 13th. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, JPMorgan Chase & Co. increased their price objective on Consolidated Edison from $75.00 to $78.00 and gave the company a “sell” rating in a research report on Tuesday, April 10th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $81.83.
About Consolidated Edison
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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