Allstate Corp Makes New Investment in Consolidated Edison Inc $ED

Allstate Corp purchased a new position in Consolidated Edison Inc (NYSE:ED) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 13,156 shares of the utilities provider’s stock, valued at approximately $1,322,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Consolidated Edison by 3.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,028,686 shares of the utilities provider’s stock worth $103,404,000 after purchasing an additional 29,606 shares during the period. Atlantic Union Bankshares Corp lifted its stake in shares of Consolidated Edison by 46.7% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 3,714 shares of the utilities provider’s stock valued at $373,000 after buying an additional 1,183 shares in the last quarter. ATLAS Infrastructure Partners UK Ltd. boosted its holdings in Consolidated Edison by 4.8% in the 2nd quarter. ATLAS Infrastructure Partners UK Ltd. now owns 2,409,288 shares of the utilities provider’s stock worth $241,772,000 after buying an additional 110,666 shares during the period. Texas Yale Capital Corp. boosted its holdings in Consolidated Edison by 41.8% in the 2nd quarter. Texas Yale Capital Corp. now owns 16,627 shares of the utilities provider’s stock worth $1,669,000 after buying an additional 4,900 shares during the period. Finally, CWM LLC increased its stake in Consolidated Edison by 12.6% in the 3rd quarter. CWM LLC now owns 255,577 shares of the utilities provider’s stock worth $25,691,000 after buying an additional 28,606 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Insider Buying and Selling

In other news, Director John F. Killian sold 2,276 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were 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 approximately $3,745,864.29. This trade represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ED has been the topic of several research analyst reports. KeyCorp lowered their price objective on Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a research report on Friday, December 12th. Weiss Ratings reissued a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday, December 29th. Evercore ISI assumed coverage on Consolidated Edison in a research note on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 price target for the company. Morgan Stanley set a $92.00 price objective on shares of Consolidated Edison in a report on Tuesday, December 16th. Finally, Wells Fargo & Company reduced their price objective on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Three analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $103.27.

Consolidated Edison Trading Up 1.1%

ED stock opened at $104.98 on Wednesday. Consolidated Edison Inc has a twelve month low of $90.35 and a twelve month high of $114.87. The stock has a market capitalization of $37.89 billion, a price-to-earnings ratio of 18.35, a price-to-earnings-growth ratio of 2.83 and a beta of 0.39. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. The firm’s fifty day simple moving average is $99.50 and its two-hundred day simple moving average is $99.87.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 6th. The utilities provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter last year, the business earned $1.68 EPS. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. As a group, analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

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.