New York State Common Retirement Fund Reduces Position in Consolidated Edison Inc $ED

New York State Common Retirement Fund reduced its stake in Consolidated Edison Inc (NYSE:ED) by 8.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 283,524 shares of the utilities provider’s stock after selling 24,600 shares during the quarter. New York State Common Retirement Fund’s holdings in Consolidated Edison were worth $28,500,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ED. Salomon & Ludwin LLC lifted its holdings in Consolidated Edison by 270.4% in the 3rd quarter. Salomon & Ludwin LLC now owns 300 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 219 shares in the last quarter. Capital Advisors Ltd. LLC raised its position in shares of Consolidated Edison by 53.2% in the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock valued at $32,000 after buying an additional 109 shares during the last quarter. Bogart Wealth LLC lifted its stake in shares of Consolidated Edison by 886.5% during the second quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after buying an additional 328 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Consolidated Edison during the third quarter worth approximately $38,000. Finally, True Wealth Design LLC grew its stake in Consolidated Edison by 392.1% in the 3rd quarter. True Wealth Design LLC now owns 497 shares of the utilities provider’s stock worth $50,000 after acquiring an additional 396 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $106.63 on Friday. The business has a 50-day moving average of $100.06 and a two-hundred day moving average of $100.12. The firm has a market capitalization of $38.49 billion, a PE ratio of 18.64, a P/E/G ratio of 2.89 and a beta of 0.39. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. Consolidated Edison Inc has a 12 month low of $93.24 and a 12 month high of $114.87.

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

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Wednesday, February 18th will be paid a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, February 18th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s payout ratio is 59.44%.

Insiders Place Their Bets

In related news, Director John F. Killian sold 2,276 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the completion of the sale, the director directly owned 38,661 shares in the company, valued at approximately $3,745,864.29. This represents a 5.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ED. Royal Bank Of Canada reissued a “sector perform” rating and set a $118.00 price target on shares of Consolidated Edison in a research note on Friday, January 23rd. UBS Group increased their target price on Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a research report on Friday, January 23rd. Evercore ISI initiated coverage on Consolidated Edison in a research note on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 price target on the stock. Wells Fargo & Company dropped their price objective on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 20th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $96.00 price objective on shares of Consolidated Edison in a report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Reduce” and an average price target of $104.20.

Consolidated Edison Company 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.