Summit Global Investments Acquires New Holdings in Consolidated Edison Inc $ED

Key Points

• Summit Global Investments acquired 41,488 shares of Consolidated Edison during the second quarter, worth approximately $4.59 million. Institutional investors and hedge funds collectively own 66.29% of the company.
• Analysts remain cautious, with Consolidated Edison carrying a consensus “Reduce” rating and an average price target of $109.07; recent targets range from $106 to $116.
• Con Edison exceeded quarterly earnings expectations, reporting $0.83 in EPS versus estimates of $0.76, and declared a quarterly dividend of $0.8875, equivalent to a 3.3% annual yield.

Summit Global Investments bought a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 41,488 shares of the utilities provider's stock, valued at approximately $4,590,000.

Several other institutional investors also recently modified their holdings of ED. QRG Capital Management Inc. boosted its stake in shares of Consolidated Edison by 16.9% during the first quarter. QRG Capital Management Inc. now owns 204,989 shares of the utilities provider's stock valued at $23,201,000 after purchasing an additional 29,635 shares in the last quarter. North Dakota State Investment Board acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $1,228,000. Los Angeles Capital Management LLC increased its stake in shares of Consolidated Edison by 9.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 253,230 shares of the utilities provider's stock valued at $24,865,000 after buying an additional 20,972 shares during the period. M3 Wealth Management LLC bought a new position in Consolidated Edison in the 4th quarter valued at approximately $1,380,000. Finally, Arbejdsmarkedets Tillaegspension bought a new position in Consolidated Edison in the 4th quarter valued at approximately $24,109,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Morgan Stanley reiterated an "underweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 22nd. Evercore set a $116.00 price target on shares of Consolidated Edison in a research report on Monday, May 11th. Barclays dropped their price target on shares of Consolidated Edison from $112.00 to $106.00 and set an "underweight" rating for the company in a research note on Friday, August 7th. Argus set a $112.00 price target on shares of Consolidated Edison in a report on Tuesday, June 23rd. Finally, Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $106.00 to $108.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, Consolidated Edison presently has a consensus rating of "Reduce" and an average target price of $109.07.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $108.73 on Friday. The stock's 50 day moving average is $109.81 and its 200 day moving average is $109.79. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.27 and a quick ratio of 1.17. The firm has a market cap of $40.21 billion, a P/E ratio of 17.85, a P/E/G ratio of 2.81 and a beta of 0.27. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, August 6th. The utilities provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07. The business had revenue of $4.07 billion for the quarter, compared to analysts' expectations of $3.60 billion. Consolidated Edison had a return on equity of 8.44% and a net margin of 12.53%.During the same period in the prior year, the business posted $0.67 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. As a group, research analysts expect that Consolidated Edison Inc will post 6.09 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, August 19th. Consolidated Edison's dividend payout ratio is currently 58.29%.

Consolidated Edison Profile

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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