Mirae Asset Global Investments Co. Ltd. lessened its holdings in Consolidated Edison, Inc. (NYSE:ED – Get Rating) by 2.1% in the first quarter, HoldingsChannel.com reports. The firm owned 221,173 shares of the utilities provider’s stock after selling 4,675 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Consolidated Edison were worth $20,940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. M Holdings Securities Inc. bought a new stake in Consolidated Edison in the first quarter valued at $1,599,000. Neuberger Berman Group LLC lifted its stake in Consolidated Edison by 60.7% in the first quarter. Neuberger Berman Group LLC now owns 32,730 shares of the utilities provider’s stock valued at $3,113,000 after buying an additional 12,369 shares during the last quarter. Sawtooth Solutions LLC bought a new stake in Consolidated Edison in the first quarter valued at $1,155,000. The Manufacturers Life Insurance Company lifted its stake in Consolidated Edison by 5.9% in the first quarter. The Manufacturers Life Insurance Company now owns 291,229 shares of the utilities provider’s stock valued at $27,574,000 after buying an additional 16,304 shares during the last quarter. Finally, Toroso Investments LLC lifted its stake in Consolidated Edison by 11.2% in the first quarter. Toroso Investments LLC now owns 4,620 shares of the utilities provider’s stock valued at $437,000 after buying an additional 466 shares during the last quarter. Institutional investors and hedge funds own 64.76% of the company’s stock.
Analyst Upgrades and Downgrades
ED has been the topic of a number of recent research reports. Credit Suisse Group raised their target price on Consolidated Edison from $92.00 to $94.00 and gave the company a “neutral” rating in a research note on Monday, August 8th. Mizuho cut their price objective on shares of Consolidated Edison from $100.00 to $99.00 and set a “buy” rating on the stock in a research note on Monday, June 27th. Guggenheim upgraded shares of Consolidated Edison from a “sell” rating to a “neutral” rating and set a $94.00 price objective on the stock in a research note on Monday, May 23rd. Morgan Stanley lifted their price objective on shares of Consolidated Edison from $77.00 to $84.00 and gave the company an “underweight” rating in a research note on Tuesday, August 23rd. Finally, KeyCorp lifted their price objective on shares of Consolidated Edison from $72.00 to $75.00 and gave the company an “underweight” rating in a research note on Tuesday, July 19th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and a consensus target price of $86.00.
Consolidated Edison Price Performance
Consolidated Edison (NYSE:ED – Get Rating) last released its earnings results on Thursday, August 4th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.09. Consolidated Edison had a return on equity of 7.83% and a net margin of 11.16%. During the same quarter last year, the company earned $0.53 EPS. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 4.48 earnings per share for the current fiscal year.
Consolidated Edison Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were paid a $0.79 dividend. The ex-dividend date was Tuesday, August 16th. This represents a $3.16 dividend on an annualized basis and a yield of 3.24%. Consolidated Edison’s dividend payout ratio is currently 69.15%.
About Consolidated Edison
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 3.5 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 1,555 customers in parts of Manhattan.
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