iA Global Asset Management Inc. Buys New Position in Consolidated Edison Inc $ED

iA Global Asset Management Inc. bought a new stake in shares of Consolidated Edison Inc (NYSE:ED) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 9,561 shares of the utilities provider’s stock, valued at approximately $961,000.

A number of other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new stake in Consolidated Edison during the second quarter worth approximately $462,218,000. Vanguard Group Inc. increased its position in shares of Consolidated Edison by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock valued at $4,519,845,000 after purchasing an additional 1,923,717 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of Consolidated Edison by 2,190.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 978,160 shares of the utilities provider’s stock worth $98,158,000 after buying an additional 935,463 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Consolidated Edison by 103.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,327,643 shares of the utilities provider’s stock valued at $133,229,000 after buying an additional 675,852 shares during the period. Finally, Rakuten Investment Management Inc. bought a new position in Consolidated Edison during the third quarter valued at about $60,497,000. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $103.84 on Friday. Consolidated Edison Inc has a fifty-two week low of $90.36 and a fifty-two week high of $114.87. The firm’s 50 day simple moving average is $99.67 and its 200-day simple moving average is $99.95. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. The company has a market cap of $37.48 billion, a P/E ratio of 18.15, a price-to-earnings-growth ratio of 2.83 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.14. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.79%. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.22 billion. During the same quarter last year, the business posted $1.68 EPS. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. As a group, equities research analysts predict that Consolidated Edison Inc will post 5.62 EPS for the current year.

Insider Buying and Selling at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of Consolidated Edison stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total transaction of $220,521.64. Following the transaction, the director owned 38,661 shares in the company, valued at approximately $3,745,864.29. The trade was a 5.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. New Street Research set a $106.00 price target on shares of Consolidated Edison in a research report on Monday, October 6th. JPMorgan Chase & Co. dropped their target price on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a report on Friday, December 12th. Evercore ISI assumed coverage on shares of Consolidated Edison in a report on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 target price on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday, December 29th. Finally, UBS Group lifted their price target on shares of Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $104.20.

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.