In a recent transaction, Joseph Miller, the Vice President and Controller of Consolidated Edison Inc. (NYSE:ED), acquired shares of the company's common stock. The transaction, which took place on March 15, 2024, involved a modest purchase of $95 worth of shares at a price of $88.08 each.
This purchase adds to Miller's existing holdings in the utility company, further aligning his interests with those of the shareholders. Following the transaction, Miller's direct ownership in Consolidated Edison includes 1,165.944 shares. Additionally, he has an indirect stake of 112.364 shares through the Tax Reduction Act Stock Ownership Plan (TRASOP), a plan designed to offer tax advantages to participating employees.
Investors often monitor insider transactions such as these for insights into executives' confidence in the company's performance and prospects. Although the amount purchased by Miller may not be substantial, it can still be seen as a positive signal when company executives invest in their own firm's stock.
Consolidated Edison, headquartered in New York, is a provider of electric and gas utility services. The company's stock is listed on the New York Stock Exchange under the ticker symbol ED. The transaction was officially signed off by William J. Kelleher, Attorney-in-Fact, on March 18, 2024.
InvestingPro Insights
Following the insider transaction by Joseph Miller at Consolidated Edison Inc. (NYSE:ED), current InvestingPro data provides a broader financial perspective on the company. With a market capitalization of $30.75 billion, Consolidated Edison is demonstrating financial stability in the utility sector. The company's P/E ratio stands at 12.28, which suggests that the stock is trading at a reasonable valuation relative to its near-term earnings growth, an aspect highlighted by one of the InvestingPro Tips. This is further supported by the adjusted P/E ratio for the last twelve months as of Q4 2023, which is 17.16.
Moreover, another InvestingPro Tip indicates that Consolidated Edison has raised its dividend for 49 consecutive years, showcasing a strong commitment to returning value to shareholders. This is consistent with the company's current dividend yield of 3.73%, which is attractive for income-focused investors. Additionally, the dividend growth over the last twelve months as of Q4 2023 was 5.06%, reinforcing the company's track record of dividend reliability.
InvestingPro also offers a wealth of additional tips to further analyze Consolidated Edison's performance and future outlook. For those looking to delve deeper into the company's metrics, InvestingPro provides more insights, such as the company's price to book ratio of 1.45 and a gross profit margin of 50.5% for the last twelve months as of Q4 2023. To access these insights and more, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. InvestingPro currently lists 9 additional tips for Consolidated Edison, which could help investors make more informed decisions.
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