Summit Global Investments Invests $4.59 Million in Consolidated Edison Inc $ED

Summit Global Investments acquired a new stake in Consolidated Edison Inc (NYSE:ED) during the second quarter, Holdings Channel.com reports. The firm acquired 41,488 shares of the utilities provider’s stock, valued at approximately $4,590,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lazard Asset Management LLC grew its stake in Consolidated Edison by 121,543.9% during the third quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider’s stock worth $599,155,000 after purchasing an additional 5,955,653 shares during the period. Norges Bank acquired a new position in Consolidated Edison in the fourth quarter valued at approximately $489,806,000. Deutsche Bank AG lifted its stake in Consolidated Edison by 101.4% in the fourth quarter. Deutsche Bank AG now owns 3,617,361 shares of the utilities provider’s stock valued at $359,276,000 after buying an additional 1,820,877 shares during the period. Amundi boosted its holdings in shares of Consolidated Edison by 66.2% during the 1st quarter. Amundi now owns 3,872,404 shares of the utilities provider’s stock worth $438,272,000 after buying an additional 1,543,069 shares in the last quarter. Finally, PFA Pension Forsikringsaktieselskab bought a new position in shares of Consolidated Edison during the 4th quarter worth approximately $113,977,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

Shares of ED stock opened at $108.73 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 1.04. The firm has a fifty day simple moving average of $109.81 and a two-hundred day simple moving average of $109.79. Consolidated Edison Inc has a 12 month low of $94.96 and a 12 month high of $116.23. The firm has a market capitalization of $40.21 billion, a PE ratio of 17.85, a price-to-earnings-growth ratio of 2.81 and a beta of 0.27.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 6th. The utilities provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. The firm had revenue of $4.07 billion for the quarter, compared to analyst estimates of $3.60 billion. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. During the same period last year, the firm earned $0.67 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Analysts forecast that Consolidated Edison Inc will post 6.09 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be paid a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.3%. Consolidated Edison’s dividend payout ratio is 58.29%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. KeyCorp lowered their price objective on shares of Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating for the company in a research note on Thursday, July 23rd. Argus set a $112.00 price target on shares of Consolidated Edison in a report on Tuesday, June 23rd. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Thursday, May 14th. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $106.00 to $108.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Finally, Mizuho set a $114.00 price objective on shares of Consolidated Edison in a research report on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $109.07.

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.