Meeder Asset Management Inc. Acquires Shares of 30,917 Consolidated Edison Inc $ED

Meeder Asset Management Inc. bought a new position in shares of Consolidated Edison Inc (NYSE:ED) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 30,917 shares of the utilities provider’s stock, valued at approximately $3,108,000.

Other institutional investors have also recently modified their holdings of the company. Citizens Financial Group Inc. RI raised its holdings in Consolidated Edison by 8.8% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 17,410 shares of the utilities provider’s stock worth $1,750,000 after purchasing an additional 1,403 shares during the period. Cedar Mountain Advisors LLC purchased a new stake in shares of Consolidated Edison in the third quarter valued at approximately $59,000. ORG Partners LLC increased its position in shares of Consolidated Edison by 6.3% in the third quarter. ORG Partners LLC now owns 1,918 shares of the utilities provider’s stock valued at $194,000 after buying an additional 113 shares in the last quarter. ORG Wealth Partners LLC raised its stake in shares of Consolidated Edison by 3.3% during the 3rd quarter. ORG Wealth Partners LLC now owns 6,103 shares of the utilities provider’s stock worth $614,000 after buying an additional 194 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Consolidated Edison by 8.7% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 54,415 shares of the utilities provider’s stock valued at $5,470,000 after buying an additional 4,339 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $96.89, for a total transaction of $220,521.64. Following the transaction, the director owned 38,661 shares of the company’s stock, valued at approximately $3,745,864.29. The trade was a 5.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.17% of the stock is currently owned by corporate insiders.

Consolidated Edison Trading Down 1.0%

ED opened at $99.21 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. The company’s 50 day simple moving average is $98.87 and its two-hundred day simple moving average is $99.74. Consolidated Edison Inc has a 1-year low of $87.28 and a 1-year high of $114.87. The firm has a market capitalization of $35.81 billion, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 2.71 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 6th. The utilities provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.76 by $0.14. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.27%.The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter last year, the firm earned $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. Analysts expect that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Wednesday, November 19th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Wednesday, November 19th. Consolidated Edison’s payout ratio is currently 59.44%.

Analyst Upgrades and Downgrades

ED has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price target on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a report on Friday, December 12th. New Street Research set a $106.00 target price on shares of Consolidated Edison in a research note on Monday, October 6th. Royal Bank Of Canada initiated coverage on shares of Consolidated Edison in a research report on Wednesday, January 7th. They set a “sector perform” rating and a $114.00 price target for the company. Barclays decreased their price target on shares of Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating on the stock in a research note on Monday, November 10th. Finally, Wells Fargo & Company upgraded Consolidated Edison to a “hold” rating in a research note on Tuesday, October 28th. Three analysts have rated the stock with a Buy rating, eight have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $103.53.

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.