iA Global Asset Management Inc. Raises Stock Holdings in Consolidated Edison Inc $ED

Key Points

• iA Global Asset Management increased its stake in Consolidated Edison by 204% in the fourth quarter, ending with 29,069 shares valued at about $2.89 million.
• Several other institutional investors also raised their holdings, and hedge funds and institutions now own 66.29% of Consolidated Edison’s stock.
• Consolidated Edison reported Q1 earnings of $2.18 per share, missing estimates, while the company also declared a quarterly dividend of $0.8875 per share, or $3.55 annualized.

iA Global Asset Management Inc. boosted its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 204.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,069 shares of the utilities provider's stock after purchasing an additional 19,508 shares during the quarter. iA Global Asset Management Inc.'s holdings in Consolidated Edison were worth $2,887,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Canada Post Corp Registered Pension Plan boosted its position in Consolidated Edison by 33.6% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 7,595 shares of the utilities provider's stock worth $754,000 after purchasing an additional 1,910 shares in the last quarter. Stephens Inc. AR boosted its position in Consolidated Edison by 2.0% during the fourth quarter. Stephens Inc. AR now owns 14,067 shares of the utilities provider's stock worth $1,397,000 after purchasing an additional 276 shares in the last quarter. AlphaCore Capital LLC boosted its position in Consolidated Edison by 11.3% during the fourth quarter. AlphaCore Capital LLC now owns 8,895 shares of the utilities provider's stock worth $883,000 after purchasing an additional 906 shares in the last quarter. DNB Asset Management AS boosted its position in Consolidated Edison by 52.7% during the fourth quarter. DNB Asset Management AS now owns 222,920 shares of the utilities provider's stock worth $22,140,000 after purchasing an additional 76,914 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI boosted its position in Consolidated Edison by 1.7% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 31,112 shares of the utilities provider's stock worth $3,090,000 after purchasing an additional 506 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

Insider Activity at Consolidated Edison

In related news, SVP Deneen L. Donnley sold 1,922 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $113.94, for a total value of $218,992.68. Following the completion of the sale, the senior vice president owned 32,453 shares of the company's stock, valued at approximately $3,697,694.82. This trade represents a 5.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.15% of the company's stock.

Consolidated Edison Price Performance

NYSE:ED opened at $106.42 on Tuesday. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. 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 stock has a market cap of $39.22 billion, a PE ratio of 17.92, a P/E/G ratio of 2.68 and a beta of 0.29. The stock has a 50 day moving average price of $110.80 and a 200 day moving average price of $105.51.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The utilities provider reported $2.18 EPS for the quarter, missing the consensus estimate of $2.28 by ($0.10). Consolidated Edison had a net margin of 12.52% and a return on equity of 8.33%. The company had revenue of $5.10 billion during the quarter, compared to analyst estimates of $5.22 billion. During the same period in the prior year, the business posted $2.26 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Equities research analysts expect that Consolidated Edison Inc will post 6.09 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Wednesday, May 13th will be issued a $0.8875 dividend. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, May 13th. Consolidated Edison's dividend payout ratio (DPR) is currently 59.76%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Weiss Ratings upgraded Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, April 24th. Citigroup restated a "buy" rating on shares of Consolidated Edison in a research report on Monday, February 23rd. TD Cowen raised their target price on Consolidated Edison from $105.00 to $112.00 and gave the company a "hold" rating in a research report on Tuesday, February 24th. Mizuho set a $118.00 target price on Consolidated Edison in a research report on Monday, February 23rd. Finally, Scotiabank raised their target price on Consolidated Edison from $113.00 to $117.00 and gave the company a "sector perform" rating in a research report on Friday, February 20th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus price target of $109.14.

About Consolidated Edison

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.

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