Gateway Investment Advisers LLC Has $18.77 Million Stake in Consolidated Edison Inc $ED

Key Points

• Gateway Investment Advisers LLC reduced its stake in Consolidated Edison by 12% by selling 25,579 shares, leaving it with approximately 0.05% ownership worth $18.77 million.
• Consolidated Edison reported quarterly earnings of $0.67 per share, which surpassed analysts' expectations of $0.66, and achieved a revenue of $3.60 billion, above the consensus estimate of $3.39 billion.
• The company announced a quarterly dividend of $0.85 per share, yielding an annualized dividend of $3.40, with a payout ratio of 61.71% as of the latest earnings report.

Gateway Investment Advisers LLC decreased its holdings in Consolidated Edison Inc (NYSE:ED - Free Report) by 12.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 187,084 shares of the utilities provider's stock after selling 25,579 shares during the period. Gateway Investment Advisers LLC owned approximately 0.05% of Consolidated Edison worth $18,774,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Revolve Wealth Partners LLC grew its holdings in shares of Consolidated Edison by 13.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider's stock valued at $332,000 after purchasing an additional 441 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Consolidated Edison by 5.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,332 shares of the utilities provider's stock valued at $3,242,000 after purchasing an additional 1,803 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Consolidated Edison by 13.4% in the fourth quarter. Tidal Investments LLC now owns 7,301 shares of the utilities provider's stock worth $651,000 after acquiring an additional 864 shares in the last quarter. Two Sigma Investments LP acquired a new position in shares of Consolidated Edison in the fourth quarter worth $21,038,000. Finally, Two Sigma Advisers LP acquired a new stake in Consolidated Edison in the fourth quarter valued at $7,557,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent research reports. Scotiabank lifted their price objective on shares of 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 reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Morgan Stanley reissued an "underweight" rating on shares of Consolidated Edison in a research note on Thursday, August 21st. Barclays increased their price target on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 13th. Finally, Bank of America downgraded shares of Consolidated Edison from a "buy" rating to an "underperform" rating and cut their target price for the company from $112.00 to $101.00 in a research note on Friday, August 15th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Consolidated Edison presently has an average rating of "Hold" and an average target price of $105.82.

Consolidated Edison Price Performance

Shares of ED stock traded up $0.06 during midday trading on Friday, reaching $96.41. 4,091,677 shares of the company were exchanged, compared to its average volume of 2,719,445. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The company has a market cap of $34.77 billion, a P/E ratio of 17.50, a PEG ratio of 2.68 and a beta of 0.28. The company's 50 day moving average price is $100.61 and its two-hundred day moving average price is $103.74. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates 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 in the previous year, the business posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, sell-side analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Wednesday, August 13th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.5%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison's dividend payout ratio (DPR) is 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.