Savant Capital LLC Acquires 7,675 Shares of Consolidated Edison Inc $ED

Savant Capital LLC raised its stake in shares of Consolidated Edison Inc (NYSE:ED) by 61.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,168 shares of the utilities provider’s stock after purchasing an additional 7,675 shares during the quarter. Savant Capital LLC’s holdings in Consolidated Edison were worth $2,027,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of ED. Norges Bank acquired a new position in Consolidated Edison during the second quarter worth $462,218,000. Vanguard Group Inc. boosted its stake in shares of Consolidated Edison by 4.5% in the 2nd quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider’s stock valued at $4,519,845,000 after purchasing an additional 1,923,717 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Consolidated Edison by 2,190.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 978,160 shares of the utilities provider’s stock worth $98,158,000 after purchasing an additional 935,463 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth about $60,497,000. Finally, Geode Capital Management LLC lifted its holdings in Consolidated Edison by 6.1% during 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 last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Consolidated Edison 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 value 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.17% of the stock is owned by corporate insiders.

Consolidated Edison Stock Down 1.4%

Shares of ED opened at $107.38 on Monday. The firm has a market capitalization of $38.76 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 2.93 and a beta of 0.38. 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 business’s fifty day moving average price is $100.84 and its two-hundred day moving average price is $100.31. Consolidated Edison Inc has a 52 week low of $93.52 and a 52 week high of $114.87.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 6th. The utilities provider reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.14. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate 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 company posted $1.68 earnings per share. On average, analysts predict that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Increases Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ED. Wells Fargo & Company decreased 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 note on Tuesday, January 20th. TD Cowen started coverage on Consolidated Edison in a research report on Friday, January 9th. They set a “hold” rating and a $105.00 price target on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday, December 29th. KeyCorp reduced their price objective on Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a research note on Friday, December 12th. Finally, Morgan Stanley restated an “underweight” rating and set a $96.00 target price on shares of Consolidated Edison in a report on Wednesday, January 21st. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus 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.