Te Ahumairangi Investment Management Ltd Sells 15,225 Shares of Consolidated Edison Inc $ED

Key Points

• Te Ahumairangi Investment Management Ltd reduced its stake in Consolidated Edison Inc by 20.9%, holding 57,473 shares worth approximately $6.36 million at the end of the reporting period.
• Consolidated Edison reported $0.67 earnings per share for the quarter, exceeding analysts' estimates of $0.66, and had total revenue of $3.60 billion.
• The company declared a $0.85 quarterly dividend with a yield of 3.5%, payable on September 15th to investors of record by August 13th.

Te Ahumairangi Investment Management Ltd lowered its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 20.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 57,473 shares of the utilities provider's stock after selling 15,225 shares during the quarter. Consolidated Edison comprises about 1.3% of Te Ahumairangi Investment Management Ltd's investment portfolio, making the stock its 22nd largest position. Te Ahumairangi Investment Management Ltd's holdings in Consolidated Edison were worth $6,356,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Merit Financial Group LLC lifted its stake in shares of Consolidated Edison by 16.8% during the first quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after acquiring an additional 1,533 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Consolidated Edison during the first quarter valued at $227,000. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Consolidated Edison by 2.8% during 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 acquiring an additional 6,869 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Consolidated Edison during the first quarter valued at $217,000. Finally, GAMMA Investing LLC lifted its stake in shares of Consolidated Edison by 45.0% during the first quarter. GAMMA Investing LLC now owns 9,242 shares of the utilities provider's stock valued at $1,022,000 after acquiring an additional 2,869 shares during the period. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Trading Up 0.1%

Shares of Consolidated Edison stock traded up $0.13 during trading hours on Monday, hitting $98.30. The company's stock had a trading volume of 4,219,518 shares, compared to its average volume of 2,844,784. The company has a market capitalization of $35.45 billion, a PE ratio of 17.84, a price-to-earnings-growth ratio of 2.73 and a beta of 0.28. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01. The stock has a 50 day moving average of $101.36 and a 200 day moving average of $103.94. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87.

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 (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.During the same period in the previous year, the firm earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business 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 of this dividend is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a yield of 3.5%. Consolidated Edison's payout ratio is presently 61.71%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ED. Scotiabank upped their price target on Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a research note on Monday, August 11th. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Barclays upped their price objective on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a report on Wednesday, August 13th. Morgan Stanley reiterated an "underweight" rating on shares of Consolidated Edison in a report on Thursday, August 21st. Finally, Bank of America downgraded Consolidated Edison from a "buy" rating to an "underperform" rating and dropped their price objective for the company from $112.00 to $101.00 in a report on Friday, August 15th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target 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.