Martingale Asset Management L P Has $20.63 Million Stake in Consolidated Edison Inc $ED

Key Points

• Martingale Asset Management L P has reduced its stake in Consolidated Edison Inc by 6.9%, now holding 186,502 shares worth approximately $20.6 million.
• Institutional ownership of Consolidated Edison is high, with 66.29% of the stock owned by hedge funds and other investors, including significant increases in holdings from firms like Deutsche Bank AG and JPMorgan Chase & Co..
• The company recently declared a quarterly dividend of $0.85, representing an annual yield of 3.3%, with a dividend payout ratio of 61.71%.

Martingale Asset Management L P trimmed its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 6.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 186,502 shares of the utilities provider's stock after selling 13,764 shares during the quarter. Martingale Asset Management L P owned about 0.05% of Consolidated Edison worth $20,625,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Merit Financial Group LLC grew its position in shares of Consolidated Edison by 16.8% in the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after purchasing an additional 1,533 shares during the last quarter. Ritholtz Wealth Management acquired a new stake in shares of Consolidated Edison in the first quarter valued at about $227,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Consolidated Edison by 2.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock valued at $27,649,000 after purchasing an additional 6,869 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of Consolidated Edison in the first quarter valued at about $217,000. Finally, GAMMA Investing LLC lifted its stake in shares of Consolidated Edison by 45.0% in the first quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock valued at $1,022,000 after buying an additional 2,869 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on ED. Morgan Stanley reduced their target price on shares of Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their target price for the company from $112.00 to $101.00 in a research note on Friday, August 15th. Wells Fargo & Company increased their target price on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Barclays increased their target price on shares of Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research note on Wednesday, August 13th. Finally, KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $105.82.

Consolidated Edison Price Performance

ED traded up $0.0520 during midday trading on Friday, reaching $101.5520. 2,753,050 shares of the company's stock were exchanged, compared to its average volume of 2,467,860. The firm has a market capitalization of $36.62 billion, a price-to-earnings ratio of 18.43, a price-to-earnings-growth ratio of 2.83 and a beta of 0.24. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The business has a 50-day simple moving average of $101.54 and a two-hundred day simple moving average of $103.76.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same quarter last year, the company earned $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, research analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.3%. Consolidated Edison's dividend payout ratio (DPR) is presently 61.71%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 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 1,530 customers in parts of Manhattan.