Consolidated Edison Inc $ED Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Consolidated Edison stake by 63.7% in the first quarter, selling 247,600 shares and retaining 141,100 shares valued at approximately $15.97 million. Institutional investors and hedge funds collectively own 66.29% of ED.
• Consolidated Edison announced a quarterly dividend of $0.8875 per share, equivalent to $3.55 annually and a 3.3% yield, with a payout ratio of 59.76%.
• Analyst sentiment remains cautious: MarketBeat reports a consensus rating of “Reduce” and an average price target of $108.47, slightly below the stock’s reported $108.98 price.

Renaissance Technologies LLC reduced its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 63.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 141,100 shares of the utilities provider's stock after selling 247,600 shares during the quarter. Renaissance Technologies LLC's holdings in Consolidated Edison were worth $15,970,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in ED. Basepoint Wealth LLC purchased a new stake in Consolidated Edison during the 4th quarter worth $26,000. JPL Wealth Management LLC purchased a new position in Consolidated Edison in the third quarter valued at about $26,000. Westfuller Advisors LLC acquired a new position in shares of Consolidated Edison during the fourth quarter worth about $27,000. Sachetta LLC lifted its stake in shares of Consolidated Edison by 72.9% during the first quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock worth $27,000 after purchasing an additional 102 shares in the last quarter. Finally, Dorato Capital Management purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $28,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Trading Down 0.6%

Shares of ED opened at $108.98 on Friday. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. The stock has a 50-day moving average price of $109.39 and a 200 day moving average price of $109.42. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. The company has a market capitalization of $40.16 billion, a P/E ratio of 18.35, a P/E/G ratio of 2.85 and a beta of 0.27.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Wednesday, August 19th. Consolidated Edison's dividend payout ratio is 59.76%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. The Goldman Sachs Group reiterated a "sell" rating and set a $105.00 target price on shares of Consolidated Edison in a report on Thursday, May 14th. KeyCorp dropped their price objective on shares of Consolidated Edison from $97.00 to $94.00 and set an "underweight" rating on the stock in a research note on Thursday, July 23rd. Argus set a $112.00 target price on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Morgan Stanley restated an "underweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Consolidated Edison in a report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and a consensus price target of $108.47.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison Inc (NYSE:ED - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.