BY Shaw & Co. Inc. is reducing its position in Consolidated Edison, Inc. (NYSE:ED)

BY Shaw & Co. Inc. reduced its position in shares of Consolidated Edison, Inc. (NYSE:ED – Free Report) by 22.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 833,911 shares of the utilities provider’s stock after selling 235,915 shares during the quarter. The holdings of DE Shaw & Co. Inc. holdings in Consolidated Edison were worth $74,568,000 at the end of the most recent reporting period.

A number of other hedge funds have recently bought and sold shares of the company. Clean Energy Transition LLP boosted its holdings in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares during the period. Acadian Asset Management LLC boosted its holdings in Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares during the period. AMF Tjanstepension AB boosted its holdings in Consolidated Edison by 243.2% in the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after buying an additional 352,903 shares during the period. Swedbank AB bought a new position in shares of Consolidated Edison in the first quarter worth approximately $30,515,000. Finally, LPL Financial LLC raised its stake in shares of Consolidated Edison by 101.3% in the second quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock worth $54,242,000 after acquiring an additional 305,291 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s shares.

Edison Consolidated Trading Down 0.0%

Shares of ED stock opened at $103.13 on Friday. Consolidated Edison, Inc. has a 1 year low of $80.46 and a 1 year high of $105.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04, and a quick ratio of 0.97. The stock’s 50-day simple moving average is $100.77, and its two-hundred-day simple moving average is $94.94. The company has a market cap of $35.67 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 3.52 and a beta of 0.36.

Consolidated Edison (NYSE:ED – Get Free Report ) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. In the same period last year, the company posted earnings of $0.61 per share. Research analysts predict that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison announces dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents an annualized dividend of $3.32 and a dividend yield of 3.22%. Edison’s consolidated payout ratio is 63.72%.

The Wall Street analyst weighs in

A number of research firms recently weighed in on ED. Bank of America boosted their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Argus raised Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. UBS Group boosted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Scotiabank upped their price objective on Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Finally, Guggenheim boosted their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $93.81, according to MarketBeat.

Check out our latest research report on Consolidated Edison

Consolidated Edison company profile

(Free Report)

Consolidated Edison, Inc., through its subsidiaries, engages in the regulated business of supplying electricity, gas and steam in the United States. Provides electric service to approximately 3.7 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 about 1,530 customers in parts of Manhattan.

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