Insider Trading Recap: Consolidated Edison, Inc. (ED)

Consolidated Edison, Inc. (NYSE:ED) insider has recently participated in insider trading activity. Chairman, President & CEO, McAvoy John bought 29 shares for $70.70 via one transaction Feb 16. Another notable insider trading was done by OATES JOSEPH P on Jan 31, who is the SVP, Corporate Shared Services. The insider acquired 8 shares at an average price of $66.92. Moreover, an insider selling of 31 shares was carried out by Nadkarni Gurudatta D, VP, Strategic Planning, on Jan 31. Following the transaction, the insider now owns 5,090 shares in total. President & CEO, O&R Cawley Timothy bought 35 shares for $66.92 through one transaction Jan 31. Following this sale, this insider’s stake in the company comprises 1,548 shares, priced at $103669.56 as of Wednesday.

The stock has experienced a total of 33 insider trades in the past three months. These trades include 2 sell activities and 31 buy trades. Furthermore, over the past 12 months, the stock was traded 153 times by insiders. In 17 of these trades, the insider was a seller while an employee of the company was the buyer in just 136 instances.

On February 11, 2016 IBM (NYSE:IBM) announced that it has been selected by Consolidated Edison Company of NY, Inc. and Orange and Rockland (O&R) Utilities, both regulated operating companies of Consolidated Edison, Inc. (ED) to provide services to implement an Advanced Metering Infrastructure (AMI) program with the installation of more than 3.9 million electric meters and 1.3 million gas meters.

Smart meters provide customers more insight and greater control over their individual energy usage and costs. In the future, such usage data will be accessible online and through mobile devices, providing customers with timely information and opportunities to take action to better manage how much energy they are using. AMI represents a new way for Con Edison and O&R to respond to customer needs, modernize energy infrastructure, and improve grid management.

Con Edison and O&R plans to deploy the AMI communications system and smart meters, once regulatory approvals are fully received, over a five-year period, beginning in 2017. In the first phase of the project, IBM will provide services to create the IT platform, support creation of critical business processes, and manage the integration of two new systems that will support data from approximately 5.1 million electric and gas meters across the Con Edison and O&R service territories.

“This technology transformation involving the collection, transfer and analysis of billions of data points will give Con Edison, O&R, and their customers the tools to improve decision making and reliable energy distribution,” said Michael Valocchi, managing partner, IBM Global Business Services. “Together we are creating an important foundation, making New York City and the surrounding region a world-class leader, while providing customers with greater convenience and control of their energy usage.”