Allspring Global Investments Holdings LLC Trims Stock Position in Consolidated Edison Inc $ED

Allspring Global Investments Holdings LLC cut its stake in Consolidated Edison Inc (NYSE:ED) by 23.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,286 shares of the utilities provider’s stock after selling 6,644 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Consolidated Edison were worth $2,090,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Consolidated Edison by 4.5% in the second quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock worth $4,519,845,000 after buying an additional 1,923,717 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Consolidated Edison by 6.1% in the 2nd quarter. Geode Capital Management LLC now owns 9,796,782 shares of the utilities provider’s stock valued at $979,204,000 after purchasing an additional 566,358 shares during the period. Norges Bank bought a new stake in shares of Consolidated Edison during the second quarter valued at approximately $462,218,000. ATLAS Infrastructure Partners UK Ltd. boosted its position in shares of Consolidated Edison by 4.8% during the second quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,409,288 shares of the utilities provider’s stock valued at $241,772,000 after purchasing an additional 110,666 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Consolidated Edison by 4.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,376,237 shares of the utilities provider’s stock worth $238,455,000 after purchasing an additional 104,643 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

ED opened at $100.13 on Friday. The company’s 50-day simple moving average is $98.84 and its two-hundred day simple moving average is $99.75. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08. The stock has a market capitalization of $36.14 billion, a P/E ratio of 17.51, a P/E/G ratio of 2.71 and a beta of 0.39. Consolidated Edison Inc has a 52-week low of $87.28 and a 52-week high of $114.87.

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

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Wednesday, November 19th were paid a dividend of $0.85 per share. The ex-dividend date was Wednesday, November 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.4%. Consolidated Edison’s payout ratio is currently 59.44%.

Analyst Ratings Changes

A number of brokerages have recently commented on ED. Morgan Stanley set a $92.00 target price on shares of Consolidated Edison in a report on Tuesday, December 16th. Cowen assumed coverage on shares of Consolidated Edison in a research note on Thursday. They set a “hold” rating on the stock. Evercore ISI assumed coverage on shares of Consolidated Edison in a research note on Tuesday, October 7th. They set an “in-line” rating and a $106.00 target price for the company. Royal Bank Of Canada started coverage on shares of Consolidated Edison in a report on Wednesday. They set a “sector perform” rating and a $114.00 target price for the company. Finally, JPMorgan Chase & Co. cut their price target on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a research note on Friday, December 12th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, Consolidated Edison presently has a consensus rating of “Reduce” and a consensus price target of $103.43.

Insider Buying and Selling at Consolidated Edison

In other 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 transaction of $220,521.64. Following the transaction, the director directly owned 38,661 shares of the company’s stock, valued at $3,745,864.29. This represents a 5.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is owned by insiders.

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.