Connor Clark & Lunn Investment Management Ltd. decreased its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 96.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 7,423 shares of the utilities provider's stock after selling 234,609 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Consolidated Edison were worth $821,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Alpine Bank Wealth Management acquired a new stake in Consolidated Edison in the 1st quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC acquired a new stake in Consolidated Edison in the 1st quarter valued at approximately $33,000. Cary Street Partners Investment Advisory LLC grew its holdings in Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after buying an additional 120 shares during the last quarter. Elite Financial Inc. acquired a new stake in Consolidated Edison in the 1st quarter valued at approximately $38,000. Finally, Wood Tarver Financial Group LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at approximately $35,000. Institutional investors and hedge funds own 66.29% of the company's stock.
Consolidated Edison Price Performance
Shares of Consolidated Edison stock traded down $0.1850 during midday trading on Friday, hitting $101.3150. 745,881 shares of the company were exchanged, compared to its average volume of 2,734,677. 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 firm has a market cap of $36.54 billion, a P/E ratio of 18.38, a PEG ratio of 2.83 and a beta of 0.24. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87. The firm has a 50 day simple moving average of $101.59 and a 200-day simple moving average of $103.66.
Consolidated Edison (NYSE:ED - Get Free Report) last posted its earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.During the same quarter last year, the company earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Research analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.
Consolidated Edison Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison's dividend payout ratio (DPR) is 61.71%.
Analyst Ratings Changes
A number of research firms have issued reports on ED. Scotiabank raised their target price on Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. Bank of America downgraded Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price objective for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Morgan Stanley reduced their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research report on Wednesday, June 18th. Mizuho raised their price objective on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $105.82.
Check Out Our Latest Research Report on ED
About Consolidated Edison
(
Free Report)
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.
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