Mirae Asset Global Investments Co. Ltd. Reduces Holdings in Consolidated Edison Inc $ED

Key Points

• Mirae Asset Global Investments has decreased its holdings in Consolidated Edison Inc by 35.0%, owning 64,257 shares valued at approximately $6.45 million after selling 34,656 shares.
• Consolidated Edison recently reported earnings of $0.67 per share, exceeding expectations and setting its fiscal year 2025 guidance at $5.500-5.700 EPS.
• Analysts have varying ratings on Consolidated Edison, with a consensus rating of "Hold" and a target price of $105.91, while several institutions are actively trading shares.

Mirae Asset Global Investments Co. Ltd. cut its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 35.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,257 shares of the utilities provider's stock after selling 34,656 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Consolidated Edison were worth $6,448,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new stake in shares of Consolidated Edison during the first quarter valued at about $32,000. Fort Vancouver Investment Management LLC acquired a new stake in Consolidated Edison during the 1st quarter valued at approximately $33,000. Financial Network Wealth Advisors LLC purchased a new stake in Consolidated Edison during the 1st quarter worth approximately $33,000. Cary Street Partners Investment Advisory LLC raised its position in shares of 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 purchasing an additional 120 shares in the last quarter. Finally, Elite Financial Inc. purchased a new position in shares of Consolidated Edison during the 1st quarter valued at approximately $38,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ED shares. Scotiabank upped their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. 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 report on Wednesday, August 13th. Morgan Stanley lowered their price objective on Consolidated Edison from $95.00 to $93.00 and set an "underweight" rating for the company in a report on Thursday, September 25th. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Consolidated Edison in a research report on Saturday, September 27th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $105.91.

Consolidated Edison Stock Up 1.2%

NYSE:ED opened at $98.83 on Monday. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The stock has a 50 day moving average of $99.95 and a 200-day moving average of $103.23. The firm has a market capitalization of $35.64 billion, a PE ratio of 17.94, a price-to-earnings-growth ratio of 2.75 and a beta of 0.32. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last announced 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 business had revenue of $3.60 billion for 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 business posted $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 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were given a dividend of $0.85 per share. The ex-dividend date was Wednesday, August 13th. This represents a $3.40 annualized dividend and a dividend yield of 3.4%. Consolidated Edison's dividend payout ratio is currently 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.

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