Mirae Asset Global Investments Co. Ltd. Acquires 11,165 Shares of Consolidated Edison, Inc. (NYSE:ED)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in Consolidated Edison, Inc. (NYSE:EDFree Report) by 11.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 109,630 shares of the utilities provider’s stock after acquiring an additional 11,165 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Consolidated Edison were worth $10,112,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in Consolidated Edison in the 4th quarter valued at about $243,511,000. International Assets Investment Management LLC increased its stake in Consolidated Edison by 9,063.6% in the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock valued at $47,216,000 after buying an additional 513,364 shares during the last quarter. Retirement Systems of Alabama increased its stake in Consolidated Edison by 408.8% in the 4th quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock valued at $36,101,000 after buying an additional 318,858 shares during the last quarter. Pinebridge Investments L.P. increased its stake in Consolidated Edison by 56.1% in the 4th quarter. Pinebridge Investments L.P. now owns 702,721 shares of the utilities provider’s stock valued at $63,927,000 after buying an additional 252,617 shares during the last quarter. Finally, AMF Tjanstepension AB purchased a new stake in Consolidated Edison in the 1st quarter valued at about $13,193,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 1.0 %

Consolidated Edison stock opened at $88.42 on Tuesday. The firm has a 50 day simple moving average of $93.02 and a 200 day simple moving average of $91.06. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $98.85. The firm has a market capitalization of $30.58 billion, a price-to-earnings ratio of 16.97, a P/E/G ratio of 2.26 and a beta of 0.34.

Consolidated Edison (NYSE:EDGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same period last year, the firm earned $1.83 EPS. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, analysts predict that Consolidated Edison, Inc. will post 5.33 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend was Tuesday, May 14th. Consolidated Edison’s payout ratio is 63.72%.

Analyst Ratings Changes

ED has been the subject of several research analyst reports. Wells Fargo & Company raised their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Mizuho raised their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Barclays raised their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. Finally, Morgan Stanley decreased their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $89.27.

Get Our Latest Stock Analysis on Consolidated Edison

About Consolidated Edison

(Free Report)

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 3.7 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 1,530 customers in parts of Manhattan.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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