West Family Investments Inc. Takes $1.04 Million Position in Consolidated Edison Inc $ED

Key Points

• West Family Investments bought 9,376 shares of Consolidated Edison worth approximately $1.04 million, while institutional investors collectively own 66.29% of the company.
• Analyst sentiment remains cautious: ED has an average “Reduce” rating and a consensus price target of $108.80, with three Buy, six Hold, and six Sell ratings.
• Consolidated Edison exceeded quarterly earnings expectations, reporting $0.83 EPS and $4.07 billion in revenue. The company declared a quarterly dividend of $0.8875, representing a 3.3% annualized yield.

West Family Investments Inc. purchased a new position in Consolidated Edison Inc (NYSE:ED - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,376 shares of the utilities provider's stock, valued at approximately $1,037,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Consolidated Edison during the second quarter valued at approximately $4,609,491,000. Deutsche Bank AG purchased a new stake in Consolidated Edison during the second quarter worth $749,184,000. Lazard Asset Management LLC lifted its holdings in Consolidated Edison by 121,543.9% during the third quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock worth $599,155,000 after buying an additional 5,955,653 shares during the period. Norges Bank bought a new stake in Consolidated Edison during the 4th quarter valued at $489,806,000. Finally, Bank of New York Mellon Corp bought a new stake in Consolidated Edison during the 2nd quarter valued at $231,014,000. 66.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Consolidated Edison in a report on Tuesday, July 21st. The Goldman Sachs Group restated a "sell" rating and set a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. Mizuho set a $114.00 price objective on Consolidated Edison in a research report on Monday, July 27th. KeyCorp cut their target price on Consolidated Edison from $97.00 to $94.00 and set an "underweight" rating on the stock in a research note on Thursday, July 23rd. Finally, Barclays reduced their target price on shares of Consolidated Edison from $112.00 to $106.00 and set an "underweight" rating for the company in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have given a Sell rating to the company's stock. According to data from MarketBeat, Consolidated Edison presently has an average rating of "Reduce" and an average price target of $108.80.

Consolidated Edison Stock Down 1.0%

Shares of ED stock opened at $108.04 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.17 and a current ratio of 1.27. Consolidated Edison Inc has a fifty-two week low of $94.96 and a fifty-two week high of $116.23. The firm has a market capitalization of $39.96 billion, a PE ratio of 17.74, a P/E/G ratio of 2.83 and a beta of 0.27. The stock's 50-day simple moving average is $109.96 and its 200-day simple moving average is $109.89.

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

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th 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, August 19th. Consolidated Edison's dividend payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source