First Bank & Trust decreased its position in Consolidated Edison, Inc. (NYSE:ED) by 24.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,202 shares of the utilities provider’s stock after selling 381 shares during the quarter. First Bank & Trust’s holdings in Consolidated Edison were worth $102,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Gravity Companies Inc. purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $28,000. Sontag Advisory LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $30,000. Orrstown Financial Services Inc. purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $31,000. Heritage Wealth Advisors purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $33,000. Finally, Larson Financial Group LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 60.67% of the company’s stock.
Shares of ED opened at $83.62 on Wednesday. The company has a market capitalization of $27.66 billion, a P/E ratio of 19.36, a P/E/G ratio of 9.70 and a beta of 0.12. The company has a current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 1.04. Consolidated Edison, Inc. has a 1-year low of $71.12 and a 1-year high of $85.87.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, February 21st. The utilities provider reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.02. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.89 billion. Consolidated Edison had a net margin of 11.20% and a return on equity of 8.42%. Consolidated Edison’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the firm posted $0.80 earnings per share. On average, analysts anticipate that Consolidated Edison, Inc. will post 4.36 EPS for the current fiscal year.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Tuesday, January 8th. Bank of America downgraded shares of Consolidated Edison from a “buy” rating to a “neutral” rating in a research note on Friday, January 18th. Mizuho assumed coverage on shares of Consolidated Edison in a research note on Monday, March 11th. They issued a “neutral” rating and a $85.00 target price on the stock. ValuEngine downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Wednesday, January 9th. Finally, Evercore ISI downgraded shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 target price on the stock. in a research note on Tuesday, February 12th. Five research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $77.34.
Consolidated Edison Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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