Insider Buying: Consolidated Edison, Inc. (NYSE:ED) CFO Acquires 151 Shares of Stock


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Consolidated Edison, Inc. (NYSE:ED) CFO Robert N. Hoglund acquired 151 shares of the firm’s stock in a transaction that occurred on Wednesday, March 31st. The stock was bought at an average price of $74.80 per share, with a total value of $11,294.80. Following the completion of the acquisition, the chief financial officer now directly owns 42,669 shares of the company’s stock, valued at $3,191,641.20. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

ED stock opened at $75.31 on Thursday. The stock has a market capitalization of $25.79 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 7.80 and a beta of 0.11. The company’s 50-day moving average is $70.81 and its 200-day moving average is $74.07. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.54. Consolidated Edison, Inc. has a 1 year low of $65.56 and a 1 year high of $90.00.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Wednesday, February 17th. The utilities provider reported $0.75 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.01). The company had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.06 billion. Consolidated Edison had a return on equity of 7.77% and a net margin of 11.06%. During the same period last year, the company earned $0.87 EPS. On average, analysts anticipate that Consolidated Edison, Inc. will post 4.2 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 15th. Stockholders of record on Wednesday, February 17th were given a dividend of $0.775 per share. This represents a $3.10 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date was Tuesday, February 16th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.77. Consolidated Edison’s dividend payout ratio is 70.94%.

Several hedge funds have recently added to or reduced their stakes in ED. FMR LLC boosted its position in shares of Consolidated Edison by 3.8% during the 1st quarter. FMR LLC now owns 181,081 shares of the utilities provider’s stock worth $15,357,000 after purchasing an additional 6,640 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Consolidated Edison during the 3rd quarter worth about $358,000. Wealth Alliance lifted its position in Consolidated Edison by 4.5% in the 3rd quarter. Wealth Alliance now owns 3,290 shares of the utilities provider’s stock valued at $256,000 after acquiring an additional 142 shares in the last quarter. Allianz Asset Management GmbH lifted its position in Consolidated Edison by 8.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 104,096 shares of the utilities provider’s stock valued at $8,098,000 after acquiring an additional 7,952 shares in the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in Consolidated Edison by 28.0% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 7,476 shares of the utilities provider’s stock valued at $583,000 after acquiring an additional 1,636 shares in the last quarter. 62.44% of the stock is currently owned by institutional investors.

A number of analysts recently weighed in on ED shares. Morgan Stanley increased their price objective on Consolidated Edison from $65.00 to $67.00 and gave the company an “underweight” rating in a report on Thursday, March 25th. Mizuho decreased their price objective on Consolidated Edison from $71.00 to $68.00 and set a “neutral” rating for the company in a report on Friday, January 22nd. They noted that the move was a valuation call. TheStreet downgraded Consolidated Edison from a “b-” rating to a “c” rating in a report on Monday, March 22nd. Royal Bank of Canada decreased their price objective on Consolidated Edison from $80.00 to $77.00 and set a “sector perform” rating for the company in a report on Friday, January 22nd. Finally, Evercore ISI downgraded Consolidated Edison from an “in-line” rating to an “underperform” rating in a report on Thursday, January 21st. Six research 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. Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $75.08.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in the 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 1,576 customers in parts of Manhattan.

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