Allspring Global Investments Holdings LLC Purchases 10,581 Shares of Consolidated Edison, Inc. (NYSE:ED)

Posted by Defense World Staff on Jun 30th, 2023

Allspring Global Investments Holdings LLC boosted its position in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) by 4.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 229,424 shares of the utilities provider’s stock after purchasing an additional 10,581 shares during the period. Allspring Global Investments Holdings LLC owned about 0.07% of Consolidated Edison worth $21,949,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Dark Forest Capital Management LP purchased a new stake in Consolidated Edison in the 4th quarter valued at about $25,000. Retirement Group LLC boosted its position in Consolidated Edison by 74.8% in the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after buying an additional 116 shares during the period. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Consolidated Edison in the 4th quarter valued at about $26,000. Boyd Watterson Asset Management LLC OH purchased a new stake in Consolidated Edison in the 4th quarter valued at about $32,000. Finally, Clear Street Markets LLC boosted its position in Consolidated Edison by 261.0% in the 4th quarter. Clear Street Markets LLC now owns 361 shares of the utilities provider’s stock valued at $34,000 after buying an additional 261 shares during the period. 67.30% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Argus raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $104.00 price target for the company in a research report on Wednesday, March 22nd. StockNews.com assumed coverage on shares of Consolidated Edison in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Guggenheim upped their price target on shares of Consolidated Edison from $86.00 to $90.00 in a research report on Monday, May 8th. The Goldman Sachs Group assumed coverage on shares of Consolidated Edison in a research report on Wednesday, June 7th. They issued a “sell” rating and a $88.00 price target for the company. Finally, Bank of America lowered their price target on shares of Consolidated Edison from $96.00 to $92.00 in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison has a consensus rating of “Hold” and an average target price of $90.38.

Consolidated Edison Stock Down 0.6 %

ED opened at $89.55 on Friday. Consolidated Edison, Inc. has a fifty-two week low of $78.10 and a fifty-two week high of $102.21. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.11 and a current ratio of 1.20. The company has a fifty day moving average of $95.01 and a two-hundred day moving average of $94.84. The stock has a market capitalization of $31.03 billion, a price-to-earnings ratio of 12.76, a PEG ratio of 9.44 and a beta of 0.38.

Consolidated Edison (NYSE:ED – Free Report) last announced its earnings results on Thursday, May 4th. The utilities provider reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.21. Consolidated Edison had a net margin of 15.56% and a return on equity of 8.36%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the business earned $1.47 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, research analysts expect that Consolidated Edison, Inc. will post 4.86 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Wednesday, May 17th were given a dividend of $0.81 per share. The ex-dividend date was Tuesday, May 16th. This represents a $3.24 dividend on an annualized basis and a yield of 3.62%. Consolidated Edison’s payout ratio is presently 46.15%.

Consolidated Edison Profile

(Free Report)

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.6 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.