EA Series Trust Makes New Investment in Consolidated Edison, Inc. (NYSE:ED)

Posted by on Oct 24th, 2023

EA Series Trust purchased a new stake in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,495 shares of the utilities provider’s stock, valued at approximately $226,000.

Several other hedge funds and other institutional investors have also modified their holdings of ED. Roundview Capital LLC bought a new stake in Consolidated Edison during the 1st quarter worth about $680,000. Dimensional Fund Advisors LP lifted its holdings in Consolidated Edison by 22.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,030,616 shares of the utilities provider’s stock valued at $97,579,000 after purchasing an additional 190,138 shares during the last quarter. Sei Investments Co. grew its holdings in Consolidated Edison by 54.4% in the 1st quarter. Sei Investments Co. now owns 18,204 shares of the utilities provider’s stock valued at $1,693,000 after buying an additional 6,412 shares in the last quarter. Cetera Investment Advisers raised its holdings in Consolidated Edison by 1.3% in the 1st quarter. Cetera Investment Advisers now owns 19,489 shares of the utilities provider’s stock valued at $1,845,000 after acquiring an additional 254 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at $214,000. Institutional investors and hedge funds own 64.53% of the company’s stock.

Consolidated Edison Stock Down 0.5 %

NYSE:ED opened at $86.59 on Tuesday. The stock’s 50 day moving average price is $88.43 and its two-hundred day moving average price is $92.45. Consolidated Edison, Inc. has a twelve month low of $80.46 and a twelve month high of $100.92. The firm has a market capitalization of $29.87 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 8.88 and a beta of 0.38. The company has a quick ratio of 0.95, a current ratio of 1.02 and a debt-to-equity ratio of 0.99.

Consolidated Edison (NYSE:ED – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. The business had revenue of $2.94 billion during the quarter, compared to analyst estimates of $3.31 billion. Consolidated Edison had a net margin of 15.84% and a return on equity of 8.27%. During the same quarter last year, the business earned $0.64 EPS. Equities research analysts expect that Consolidated Edison, Inc. will post 4.9 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be given a dividend of $0.81 per share. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $3.24 dividend on an annualized basis and a yield of 3.74%. Consolidated Edison’s payout ratio is 46.62%.

Analyst Ratings Changes

ED has been the subject of a number of research reports. Guggenheim decreased their price target on shares of Consolidated Edison from $85.00 to $82.00 in a research note on Monday, October 9th. Morgan Stanley upped their target price on shares of Consolidated Edison from $73.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, September 21st. KeyCorp dropped their price target on shares of Consolidated Edison from $77.00 to $73.00 and set an “underweight” rating on the stock in a report on Wednesday, October 18th. Mizuho reduced their price objective on Consolidated Edison from $95.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, September 5th. Finally, StockNews.com initiated coverage on shares of Consolidated Edison in a research note on Thursday, October 5th. They set a “hold” rating for the company. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $88.50.

Get Our Latest Stock Report on ED

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.

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Institutional Ownership by Quarter for Consolidated Edison (NYSE:ED)

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