The Cornerstone Wealth Management LLC Takes Position in Consolidated Edison Inc (ED)

The Cornerstone Wealth Management LLC Takes Position in Consolidated Edison Inc (ED)

Cornerstone Wealth Management LLC bought a new position in shares of Consolidated Edison Inc (NYSE:ED) during the third quarter, Holdings Channel reports. The firm bought 4,192 shares of the company’s stock, valued at approximately $304,000.

A number of other large investors have also recently made changes to their positions in the stock. Retirement Systems of Alabama increased its position in Consolidated Edison by 3.9% in the second quarter. Retirement Systems of Alabama now owns 155,065 shares of the company’s stock worth $12,473,000 after buying an additional 5,864 shares in the last quarter. National Pension Service increased its position in Consolidated Edison by 8.5% in the third quarter. National Pension Service now owns 217,915 shares of the company’s stock worth $16,409,000 after buying an additional 17,106 shares in the last quarter. Bank of Montreal Can increased its position in Consolidated Edison by 1.4% in the third quarter. Bank of Montreal Can now owns 614,486 shares of the company’s stock worth $46,272,000 after buying an additional 8,218 shares in the last quarter. Hennessy Advisors Inc. increased its position in Consolidated Edison by 11.4% in the third quarter. Hennessy Advisors Inc. now owns 434,286 shares of the company’s stock worth $32,702,000 after buying an additional 44,500 shares in the last quarter. Finally, Macquarie Group Ltd. increased its position in Consolidated Edison by 5.0% in the second quarter. Macquarie Group Ltd. now owns 84,600 shares of the company’s stock worth $6,805,000 after buying an additional 4,000 shares in the last quarter. 53.12% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Inc (NYSE:ED) traded down 0.23% during mid-day trading on Wednesday, reaching $74.43. The company had a trading volume of 1,455,509 shares. The stock has a market capitalization of $22.68 billion, a PE ratio of 18.34 and a beta of -0.02. Consolidated Edison Inc has a one year low of $66.20 and a one year high of $81.88. The company’s 50-day moving average is $72.45 and its 200-day moving average is $74.85.

A number of research firms have weighed in on ED. Evercore ISI upgraded Consolidated Edison from a “sell” rating to a “hold” rating and set a $76.00 price target for the company in a research note on Monday, September 26th. Morgan Stanley set a $69.00 price target on Consolidated Edison and gave the company a “sell” rating in a research note on Wednesday, September 21st. Zacks Investment Research downgraded Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, September 21st. Barclays PLC decreased their price target on Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 21st. Finally, Vetr downgraded Consolidated Edison from a “buy” rating to a “hold” rating and set a $78.00 price target for the company. in a research note on Tuesday, November 8th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $74.82.

In other news, insider Craig S. Ivey sold 3,974 shares of the stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $71.42, for a total value of $283,823.08. Following the completion of the sale, the insider now directly owns 35,306 shares of the company’s stock, valued at $2,521,554.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.16% of the stock is owned by insiders.

Consolidated Edison Company Profile

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison Inc (NYSE:ED).

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