Consolidated Edison Inc $ED Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in Consolidated Edison Inc (NYSE:ED) by 8.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 283,524 shares of the utilities provider’s stock after selling 24,600 shares during the quarter. New York State Common Retirement Fund owned 0.08% of Consolidated Edison worth $28,500,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Salomon & Ludwin LLC increased its stake in 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 buying an additional 219 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in shares of Consolidated Edison by 53.2% in the second quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock valued at $32,000 after acquiring an additional 109 shares in the last quarter. Bogart Wealth LLC boosted its holdings in shares of Consolidated Edison by 886.5% in the second quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 328 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Consolidated Edison during the third quarter worth about $38,000. Finally, Webster Bank N. A. raised its holdings in Consolidated Edison by 67.8% during the third quarter. Webster Bank N. A. now owns 495 shares of the utilities provider’s stock worth $50,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. TD Cowen initiated coverage on Consolidated Edison in a report on Friday, January 9th. They issued a “hold” rating and a $105.00 price objective on the stock. New Street Research set a $106.00 price target on Consolidated Edison in a report on Monday, October 6th. UBS Group lifted their price target on Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday, December 29th. Finally, KeyCorp cut their price objective on Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating for the company in a research report on Friday, December 12th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, Consolidated Edison presently has a consensus rating of “Reduce” and a consensus target price of $104.20.

Consolidated Edison Stock Performance

ED opened at $106.63 on Friday. Consolidated Edison Inc has a 1-year low of $93.24 and a 1-year high of $114.87. The stock has a market cap of $38.49 billion, a P/E ratio of 18.64, a P/E/G ratio of 2.89 and a beta of 0.39. The stock’s 50 day simple moving average is $100.06 and its 200 day simple moving average is $100.12. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last posted its 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. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the business earned $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. As a group, equities analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

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

Insider Transactions at Consolidated Edison

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the sale, the director owned 38,661 shares of the company’s stock, valued at $3,745,864.29. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.19% of the company’s stock.

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.