CIBC Asset Management Inc Sells 55,545 Shares of Consolidated Edison Inc $ED

CIBC Asset Management Inc trimmed its stake in Consolidated Edison Inc (NYSE:ED) by 24.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 173,024 shares of the utilities provider’s stock after selling 55,545 shares during the period. CIBC Asset Management Inc’s holdings in Consolidated Edison were worth $17,376,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ED. Salomon & Ludwin LLC increased its holdings in shares of 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 acquiring an additional 219 shares during the period. Capital Advisors Ltd. LLC raised its holdings in shares of Consolidated Edison by 53.2% during the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 109 shares during the last quarter. Bogart Wealth LLC lifted its holdings in shares of Consolidated Edison by 886.5% in the 2nd 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. purchased a new stake in Consolidated Edison during the third quarter worth $38,000. Finally, Webster Bank N. A. grew its position in shares of Consolidated Edison by 67.8% during the 3rd quarter. Webster Bank N. A. now owns 495 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 200 shares during the period. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Up 0.6%

Shares of NYSE:ED opened at $103.84 on Monday. The stock has a market capitalization of $37.48 billion, a P/E ratio of 18.15, a PEG ratio of 2.83 and a beta of 0.39. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.97 and a current ratio of 1.08. Consolidated Edison Inc has a 1 year low of $90.36 and a 1 year high of $114.87. The stock has a 50-day simple moving average of $99.67 and a 200-day simple moving average of $99.95.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. The firm 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 prior year, the business posted $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. Equities analysts forecast that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director John F. Killian sold 2,276 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $96.89, for a total transaction of $220,521.64. Following the completion of the transaction, the director owned 38,661 shares in the company, valued at approximately $3,745,864.29. This trade represents a 5.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.17% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ED shares. Morgan Stanley reiterated an “underweight” rating and issued a $96.00 price objective on shares of Consolidated Edison in a report on Wednesday. UBS Group raised their target price on Consolidated Edison from $108.00 to $112.00 and gave the stock a “neutral” rating in a research note on Friday. Wells Fargo & Company cut their target price on Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 20th. Royal Bank Of Canada restated a “sector perform” rating and issued a $118.00 price objective on shares of Consolidated Edison in a report on Friday. Finally, Evercore ISI assumed coverage on Consolidated Edison in a research report on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $104.20.

About Consolidated Edison

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.