Consolidated Edison Inc $ED Position Increased by Summit Global Investments

Key Points

• Summit Global Investments increased its Consolidated Edison position by 56.5% in the third quarter, acquiring 23,442 additional shares for a total holding of 64,930 shares valued at approximately $6.6 million.
• Consolidated Edison reported quarterly EPS of $0.83, beating analyst expectations of $0.76, while revenue reached $4.07 billion versus the $3.60 billion consensus estimate. The company also maintained a quarterly dividend of $0.8875, equivalent to a 3.0% annual yield.
• Analyst sentiment remains cautious, with the stock receiving a consensus “Reduce” rating and an average price target of $108.09, below its reported market price of $116.81.

Summit Global Investments grew its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 56.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,930 shares of the utilities provider's stock after acquiring an additional 23,442 shares during the period. Summit Global Investments' holdings in Consolidated Edison were worth $6,636,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Consolidated Edison in the 2nd quarter valued at about $4,609,491,000. Lazard Asset Management LLC grew its holdings in Consolidated Edison by 14.8% during the first quarter. Lazard Asset Management LLC now owns 7,075,838 shares of the utilities provider's stock worth $800,843,000 after purchasing an additional 910,244 shares during the period. Deutsche Bank AG bought a new position in Consolidated Edison during the second quarter worth about $749,184,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Consolidated Edison by 7.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,847,672 shares of the utilities provider's stock worth $536,298,000 after purchasing an additional 353,000 shares during the period. Finally, Legal & General Group Plc acquired a new position in Consolidated Edison during the second quarter worth approximately $494,352,000. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Performance

NYSE ED opened at $116.81 on Friday. The stock has a market cap of $43.20 billion, a PE ratio of 19.18, a P/E/G ratio of 4.04 and a beta of 0.26. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.17 and a current ratio of 1.27. The firm has a 50-day moving average of $107.73 and a 200-day moving average of $108.93. Consolidated Edison Inc has a 52-week low of $94.96 and a 52-week high of $117.65.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The utilities provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.76 by $0.07. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $3.60 billion. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. During the same quarter in the prior year, the business earned $0.67 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. On average, sell-side analysts anticipate that Consolidated Edison Inc will post 6.10 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Wednesday, November 18th will be paid a $0.8875 dividend. The ex-dividend date is Wednesday, November 18th. This represents a $3.55 annualized dividend and a dividend yield of 3.0%. Consolidated Edison's dividend payout ratio is 58.29%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ED. Royal Bank Of Canada dropped their price objective on Consolidated Edison from $110.00 to $109.00 in a research note on Monday, October 26th. LADENBURG THALM/SH SH raised their price objective on Consolidated Edison from $101.00 to $113.50 and gave the company a "neutral" rating in a research report on Monday, July 13th. The Goldman Sachs Group reduced their target price on Consolidated Edison from $106.00 to $102.00 in a research note on Thursday, October 15th. JPMorgan Chase & Co. decreased their target price on Consolidated Edison from $115.00 to $112.00 and set an "underweight" rating on the stock in a report on Wednesday, August 19th. Finally, HSBC assumed coverage on Consolidated Edison in a research note on Thursday, October 22nd. They issued a "hold" rating and a $104.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $108.09.

About Consolidated Edison

Consolidated Edison, Inc is a diversified energy company headquartered in New York City. Through its regulated utility subsidiaries, the company delivers electricity, natural gas and steam to residential, commercial and industrial customers.

Its principal subsidiary, Consolidated Edison Company of New York, provides electric service throughout New York City and Westchester County, along with gas service in Manhattan, the Bronx, parts of Queens and Westchester County, and steam service in parts of Manhattan.

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