Newport Trust Company LLC Trims Holdings in Consolidated Edison Inc $ED

Key Points

• Newport Trust Company LLC reduced its shares in Consolidated Edison by 1.8%, owning a total of 522,052 shares valued at approximately $57.7 million post the sale.
• Several institutional investors, including Merit Financial Group LLC and GAMMA Investing LLC, increased their stakes in Consolidated Edison during the same period, highlighting ongoing interest in the stock.
• Consolidated Edison reported a quarterly profit of $0.67 EPS, exceeding analyst expectations, and announced a quarterly dividend of $0.85 per share with a yield of 3.4%.

Newport Trust Company LLC lowered its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 1.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 522,052 shares of the utilities provider's stock after selling 9,819 shares during the quarter. Newport Trust Company LLC owned 0.14% of Consolidated Edison worth $57,734,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ED. Deutsche Bank AG grew its position in Consolidated Edison by 130.6% in the 1st quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock valued at $434,266,000 after acquiring an additional 2,223,959 shares during the last quarter. JPMorgan Chase & Co. grew its position in Consolidated Edison by 106.9% in the 1st quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock valued at $308,643,000 after acquiring an additional 1,441,785 shares during the last quarter. Nuveen LLC bought a new position in Consolidated Edison in the 1st quarter valued at $146,073,000. Price T Rowe Associates Inc. MD grew its position in Consolidated Edison by 215.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,688,480 shares of the utilities provider's stock valued at $186,730,000 after acquiring an additional 1,152,892 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Consolidated Edison by 15,937.5% in the 1st quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider's stock valued at $113,031,000 after acquiring an additional 1,015,700 shares during the last quarter. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Stock Up 0.1%

Shares of ED traded up $0.0520 during trading hours on Friday, hitting $101.5520. The company had a trading volume of 2,753,050 shares, compared to its average volume of 2,536,725. Consolidated Edison Inc has a one year low of $87.28 and a one year high of $114.87. The company's fifty day moving average price is $101.54 and its two-hundred day moving average price is $103.82. The company has a market capitalization of $36.62 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 2.83 and a beta of 0.24. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.39 billion. 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, equities analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th will be paid a $0.85 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a yield of 3.3%. Consolidated Edison's dividend payout ratio (DPR) is 61.71%.

Wall Street Analyst Weigh In

Several equities analysts have commented on ED shares. Mizuho upped their price objective on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Guggenheim upped their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Wells Fargo & Company upped their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Bank of America cut Consolidated Edison from a "buy" rating to an "underperform" rating and lowered their target price for the stock from $112.00 to $101.00 in a report on Friday, August 15th. Finally, KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $105.82.

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.