First Manhattan Co. decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 18.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,604 shares of the utilities provider’s stock after selling 1,010 shares during the quarter. First Manhattan Co.’s holdings in Consolidated Edison were worth $390,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Financial Gravity Companies Inc. bought a new position in shares of Consolidated Edison in the fourth quarter worth about $28,000. Sontag Advisory LLC bought a new position in shares of Consolidated Edison in the fourth quarter worth about $30,000. Orrstown Financial Services Inc. bought a new position in shares of Consolidated Edison in the fourth quarter worth about $31,000. Heritage Wealth Advisors bought a new position in shares of Consolidated Edison in the fourth quarter worth about $33,000. Finally, Larson Financial Group LLC bought a new position in shares of Consolidated Edison in the fourth quarter worth about $33,000. 59.57% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on ED. Morgan Stanley lifted their target price on Consolidated Edison from $78.00 to $81.00 and gave the company an “underweight” rating in a research note on Tuesday, February 12th. Zacks Investment Research downgraded Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Monday, February 25th. Mizuho began coverage on Consolidated Edison in a research note on Monday, March 11th. They set a “neutral” rating and a $85.00 target price on the stock. Bank of America raised Consolidated Edison from a “neutral” rating to a “buy” rating and decreased their target price for the company from $96.00 to $94.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Finally, Credit Suisse Group raised their price target on Consolidated Edison from $77.00 to $78.00 and gave the company an “underperform” rating in a report on Monday, February 25th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $78.42.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.04. The firm had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. During the same quarter in the previous year, the business earned $1.38 EPS. Sell-side analysts predict that Consolidated Edison, Inc. will post 4.35 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Wednesday, May 15th will be issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is 68.52%.
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About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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