BlackRock Trims Con Edison Stake to 10.0%
Ticker: ED · Form: SC 13G/A · Filed: Jan 24, 2024 · CIK: 1047862
| Field | Detail |
|---|---|
| Company | Consolidated Edison Inc (ED) |
| Form Type | SC 13G/A |
| Filed Date | Jan 24, 2024 |
| Risk Level | low |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, utility-sector, amendment, passive-investing
TL;DR
**BlackRock cut its Con Edison stake to 10.0% as of year-end 2023.**
AI Summary
BlackRock, Inc. filed an amended SC 13G/A on January 24, 2024, disclosing its ownership of 37,295,958 shares of Consolidated Edison Inc. common stock as of December 31, 2023. This represents a 10.0% stake in the utility company, a slight decrease from its previous filing. This matters to investors because BlackRock is a major institutional investor, and changes in its holdings can signal shifts in its outlook on the stock, potentially influencing other investors.
Why It Matters
This filing shows BlackRock, a major institutional investor, slightly reduced its ownership in Consolidated Edison, which could be interpreted as a minor shift in its investment strategy or outlook for the utility.
Risk Assessment
Risk Level: low — This filing indicates a minor adjustment by a large institutional investor and does not suggest significant immediate risk to the company or its stock.
Analyst Insight
Investors should note that a major institutional holder like BlackRock slightly reducing its stake might warrant a closer look at Consolidated Edison's fundamentals, but it's not necessarily a strong sell signal given BlackRock's passive investment strategies.
Key Numbers
- 37,295,958 — Shares Owned (The total number of Consolidated Edison shares BlackRock beneficially owned as of December 31, 2023.)
- 10.0% — Ownership Percentage (The percentage of Consolidated Edison's common stock owned by BlackRock, indicating a significant but slightly reduced stake.)
Key Players & Entities
- BlackRock, Inc. (company) — the reporting person and institutional investor
- Consolidated Edison Inc. (company) — the subject company whose shares are being reported
- 37,295,958 (dollar_amount) — number of shares of common stock beneficially owned by BlackRock
- 10.0% (dollar_amount) — percentage of Consolidated Edison's class of securities owned by BlackRock
- December 31, 2023 (date) — the date of the event requiring the filing
Forward-Looking Statements
- BlackRock will maintain a significant, but potentially fluctuating, stake in Consolidated Edison Inc. as part of its broad investment strategies. (BlackRock, Inc.) — medium confidence, target: December 31, 2024
FAQ
Who filed this SC 13G/A amendment?
BlackRock, Inc. filed this SC 13G/A amendment regarding its holdings in Consolidated Edison Inc.
What is the CUSIP number for Consolidated Edison Inc. common stock mentioned in the filing?
The CUSIP number for Consolidated Edison Inc. common stock is 209115104, as stated in the filing.
As of what date did BlackRock's reported ownership in Consolidated Edison Inc. apply?
BlackRock's reported ownership in Consolidated Edison Inc. applied as of December 31, 2023, which is the 'Date of Event Which Requires Filing of this Statement'.
What percentage of Consolidated Edison Inc.'s common stock does BlackRock, Inc. beneficially own according to this filing?
BlackRock, Inc. beneficially owns 10.0% of Consolidated Edison Inc.'s common stock, as indicated in the filing.
What rule under the Securities Exchange Act of 1934 is this Schedule 13G filed under?
This Schedule 13G is filed under Rule 13d-1(b) of the Securities Exchange Act of 1934, as indicated by the checked box in the filing.
Filing Details
This Form SC 13G/A (Form SC 13G/A) was filed with the SEC on January 24, 2024 regarding CONSOLIDATED EDISON INC (ED).