In a recent transaction, Nancy Shannon, Senior Vice President of Utility Shared Services at Consolidated Edison Inc (NYSE:ED), acquired shares of the company's common stock valued at $888. The purchase was made under the company's Stock Purchase Plan on March 29, 2024, with the shares priced at $90.81 each.
This move indicates a bolstering of Shannon's investment in the utility company, as she added 9.788 shares to her holdings. Following the transaction, Shannon's direct ownership in Consolidated Edison Inc stands at 362.882 shares.
Consolidated Edison Inc, known for providing electric and gas services, has been a staple in the New York energy market. The transaction details, filed with the SEC, show the company's continued commitment by its executives to invest in its future.
Investors often keep a close eye on insider transactions as they can provide insights into the company's health and the confidence that executives have in the firm's prospects. The purchase by a high-level executive such as Shannon may be interpreted as a positive signal by the market.
As is standard practice, the transaction was reported through an SEC Form 4 filing, which is a requirement for company insiders to disclose trades in their own company's shares. This recent filing reflects only the latest in a series of insider transactions at Consolidated Edison Inc.
InvestingPro Insights
Consolidated Edison Inc's (NYSE:ED) insider activity, such as the recent shares purchased by Nancy Shannon, is often scrutinized for signs of corporate confidence. In light of this, certain metrics and InvestingPro Tips can provide a broader context for investors considering this utility stalwart's stock.
With a market capitalization of $31.17 billion, Consolidated Edison is a significant player in the utility sector. The company's P/E ratio stands at 12.41, which, according to an InvestingPro Tip, is low relative to its near-term earnings growth, potentially indicating an undervalued stock. Moreover, the company's long-standing history of raising its dividend, now for 49 consecutive years, speaks to its commitment to shareholder returns, an aspect that might reassure investors looking for stable income.
InvestingPro Data further reveals that Consolidated Edison's revenue for the last twelve months as of Q4 2023 was $14.66 billion, despite a decrease of 6.43% from the previous period. The gross profit margin remains robust at 50.5%, showcasing the company's ability to maintain profitability. Additionally, with a dividend yield of 3.69% and a recent dividend growth of 5.06%, the stock may appeal to dividend-seeking investors.
For those interested in more in-depth analysis and additional InvestingPro Tips, such as the company's stock generally trading with low price volatility and its expected profitability for the year, you can explore further at InvestingPro. As an added benefit, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 7 more InvestingPro Tips available that can provide valuable insights into Consolidated Edison's performance and investment potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.